As Ruck says this was an intentional change, and I posted about it in the Quiz forum before making it, to see if there was a strong objection and there wasn't, although there was some debate about the extra click required.
I have mixed feeling about this, and also the change which means that the preview now opens in a new tab rather than a pop-up window. The extra click is a down-side, but there there positives.
One thing that used to be wrong with the old UI was that if you used the standard short-cut to open the preview in a new tab in the background (CTRL + click) then that did not work. Instead, the only option was to right-click and choose 'Open in new tab' - so that is two clicks per question. With the new UI, you can just keep CTRL held down, and choose preview from each menu - also two clicks per question, but less fiddly, because they are all clicks wiht the left mouse button. So, my own experience is that for "reviewing lots of questions" - which I do quite a lot when I have to find an example question that is suitable for testing the code I am working on, is that the new UI is slightly better.
I also like the fact that the menu makes the UI less cryptic, and means that we can afford to add a few extra options there (like Export as XML).