The updated formula bar is now turned on by default for new apps since November 2023 . It can be turned back off in Settings. The feature announcement cheerfully requests "feedback in the community forums."
I welcome the listed function overrides and color formatting, but I find the whole thing unusable until the formula bar size becomes draggable again. It is unacceptable to have only two size options for formula writing: single line or half the screen (covering up the rest of the canvas). Some other users have also mentioned that auto-completing formulas now takes extra keystrokes- I guess because it's mimicking Visual Studio?
Please, Microsoft, keep in mind the UI for all the UI-makers who are trying to build in PowerApps as efficiently as possible.