This enhancement is part of the March 20, 2021 release.
The Editor widget toolbar options have been collapsed to improve the usability of the WYSIWYG text editor in narrow fields, such as Feature Columns. The new toolbar with consolidated options is triggered when the editor is <365 px wide.
You can still use the full toolbar by switching the Editor to Fullscreen. If the toolbar options do not update automatically when switching to fullscreen, you may need to resize your window. This is a known issue with the Froala editor and will be resolved in an upcoming release.
Note: With this change, you may need to clear your browser cache for the toolbar to display when editing an Editor widget.