When Quick Edit is disabled in Library Settings > Advanced the Quick Edit button is still shown in the new document library experience (haven't checked classic).
When clicked it takes you to the Quick Edit page but none of the items in the library are listed - it's just blank.
Is this an oversight on Microsoft's part as I can't rationalise why it would make sense for the button to be shown if the feature is disabled?
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Thanks for reporting this. This is an acknowledged bug and we're working on a fix. The setting should affect the button's appearance in modern UI as well as classic.