New Text Selection Menu: Decrease size of new text selection menu pop-up

I really like the ease of use with the new selection menu! However, I miss the compact appearance of the previous menu. On my iPad especially, the new menu is displayed as a large gray square even if there is no information to display at the bottom. This obstructs much of what is below. I think it would be great if there was an option to choose between both menus in settings, or if the size of the new selection menu could be made a little more compact.