TL;DR:
The Microsoft Whiteboard app user interface is getting a refresh. Whiteboarding tools will be more prominent and the toolbar moves to the bottom of the screen. Slightly delayed, but already rolling out and should be fully available by late August 2023.

Details:
Key content creation tools such as notes, reactions, comments, text & shapes will surface more prominently. The toolbar will be repositioned to the bottom of the screen, improving usability & leaving more space to view and use the whiteboard:


Availability:
Rolling out, fully available by mid/late July 2023 for Whiteboard web, Teams and the Windows app.
Rolling out, fully available by late August 2023.

Source, related links, and references:
MC559929.
Microsoft 365 Roadmap ID 124900.

Page originally published:
9th July 2023 and kept up to date.