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Has this been moved somewhere else in v12? In v12 there is no options tab, they are just underneath the blending mode. It was a very useful feature for quickly saving brushes/cut images.

i miss it too
Because it offered a nice inbetween option.
The other available options for re-accessing a tool are:
The custompanel, but that takes a bit of effort
The tool memory, but there it can be hard to find the right one because all alterations are saved indiscriminately.

To my knowledge there was no discussion or public removal request about this removal, so it could be a mistake?

I wonder what purpose it serves to remove the bin ?

I hope it wouldn't just be the gaining of tiny bit of vertical screenestate from removing the tabs?