> I am failing to see how adding handles wastes space that could be used for any extra information
What is there to see? You add a bar that takes space. That space can be taken up by something useful. Just like you have apps that hide app title bar and app menus so you can have more space for your precious content. This is especially useful for high-info-density apps like these audio/video/photo authoring ones.
Note how tiny those handles are in the video, why do you think that is?
> tradeoff is an incredible degree of customisation
You don't have that tradeoff, neither of the 2 solutions are anywhere close to "incredible customization", so you can pick either without it.
> In terms of precision, they're working on accessibility issues
Working towards what magic solution?
> but I'm not sure how this change is any special than any other UI.
why does it have to be special? Just a bog standard degradation common to any UI (re)design, nothing special about it.
> the modes were horrid
Of course they were. Just like they were horrid in that MS Paint app the dev worked on before. But you can make any UI primitive horrid, even buttons, that's no reason to remove them, but to improve them!