One useful hint to all that don't like the poor use of space with this change is to use the "Tighter Spacing". It helps, but doesn't solve the issue:
choose https://nam06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsupport.office.com%2Fen-us%2Farticle%2Fdensity-settings-7aedcfaf-03de-49ad-9bf8-8730134f1f3b&data=02%7C01%7CEugenie.Burrage%40microsoft.com%7C26b83f706f5d448d78e208d6914010ce%7C72f988bf86f141af91ab2d7cd011db47%7C1%7C0%7C636856101680279446&sdata=bq%2BLzIKIUK1ZL4nvgm5NAgZDoeAAVmb7%2B55q7PCXh9A%3D&reserved=0 on the View tab:
(https://nam06.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsupport.office.com%2Fen-us%2Farticle%2Fdensity-settings-7aedcfaf-03de-49ad-9bf8-8730134f1f3b&data=02%7C01%7CEugenie.Burrage%40microsoft.com%7C26b83f706f5d448d78e208d6914010ce%7C72f988bf86f141af91ab2d7cd011db47%7C1%7C0%7C636856101680279446&sdata=bq%2BLzIKIUK1ZL4nvgm5NAgZDoeAAVmb7%2B55q7PCXh9A%3D&reserved=0 )