Personally, I like the vertical list in the web view for highlighted text. The action menu was so annoying. The items were always in a different order and I always had to highlight, tap, tap, tap… on small targets to get to what I wanted.

Agreed! Accidentally dismissing the old menu and needing to scroll again drove me up the wall. My phone has over 3 million pixels and I did not gain anything by having a small, horizontally scrolling menu specific to highlighted text.