TL;DR:
Microsoft are releasing new improvements to the SharePoint page authoring experience. They are intended to reduce clutter and increase your productivity. Due late March to late June August 2023.  

Details:
The update includes:

  • Surfacing the layout options in the web part toolbars (Quick Links, Events, People, Hero, News, and Title Region)
  • ON HOLD AS OF SEPTEMBER 2023 (details below): Moving the “add section” action to be inline on canvas and visible on hover:
  • Consolidated and enhanced Image web part toolbar:
  • New text overlay capabilities in the Image web part. Includes: change positions, text size and styling, text box colour and opacity, and image overlay colour and transparency:
Images: M365 Admin Centre

Availability:
Due late March to late June 2023.
Now due late-March to late August 2023.

September 2023 update. Microsoft: “in a previous post, we mentioned we would be moving the “add section” feature to be inline on canvas. Based on the feedback we received, we are currently reconsidering the best way to design this user experience and will have a new update for you soon. For now, you can expect to still find the “add section” in the left toolbar”.

Source, related links, and references:
MC531214.

Check status:
Microsoft 365 Roadmap IDs 117376 and 117377.

Page originally published:
25th March 2023 and kept up to date.