Yeah, it is still there, and there is a pretty clear cut logic for when it will appear.
If you tap while a word is selected, it won’t appear. If you tap on the cursor while a word isn’t selected, it will appear.
If by "clear cut logic" you mean a consistent process, then sure. But if you mean intuitive, I must disagree.
If by "clear cut logic" you mean a consistent process, then sure. But if you mean intuitive, I must disagree.