This issue handles several minor UX issues that are a bit related:
When comparing Fenix to Chrome there's much less usable ("website") screen estate:

Note: Chrome auto hides the toolbar (even when the toolbar is visible chrome has 1123px to display the content where as Fenix only has 1091px).

According to me the quick action sheet has no benefit: To invoke "Share" or "Bookmark" I need 2 interactions:
It also takes two interactions to invoke "Share" from the menu:
...No benefit but it wastes precious vertical space.

Phones get bigger and bigger I think there's enough space to provide a two column layout menu (*1). This has those advantages:
(*1): Not on all phones though: The layout should adapt to phone size: When there's not enough horizontal space the menu should fall back to a one column layout.
The menu could then look like this (note: The "bookmark" and "share" buttons from the quick action sheet have been integrated):

With description:

@apbitner for your consideration as you look at QAB
Personally not a fan of the two column layout, but I do think it'd be nice to disable QAB and have the items in menus.
but I do think it'd be nice to disable QAB and have the items in menus.
Sounds like a good solution to me.
Please note that the QAB can contain more items than only "Share" and "Bookmark". For pages with reading mode available there is also the reader mode access in the QAB. And early mockups showed two more items which are not yet implemented in Fenix 1.0.0 but could be implemented later (Screenshot and Download).
In reading mode the QAB shows also items for "Appearance" and "Close".
Also due to the move of some menu items to the left your proposal make it more difficult to reach some menu items which are easier to reach in current implementation, for example the back button.
@cadeyrn
And early mockups showed two more items
Also move them into the menu when the QAB is disabled.
Or another solution: (Optionally) Merge the QAB and the menu; would look like this:


removing needs ux label - taking a look at this in a larger QAB design effort
The Quick Action Bar is being removed at this point in time. Work covered in https://github.com/mozilla-mobile/fenix/issues/4281.
Most helpful comment
@cadeyrn
Also move them into the menu when the QAB is disabled.
Or another solution: (Optionally) Merge the QAB and the menu; would look like this:
Prior Art: Windows 10 Menu