Yes and no.
I use some css to hide some buttons I don’t use :
list, numbered list and the spacer after emphasis and upload buttons, it adds some space
button.ember-view.btn.no-text.list, button.ember-view.btn.no-text.bullet, .d-editor-spacer {
display: none;
}
You can use the css customize section in admin to hide some button on mobile like color for example
button.color_ui_button {
display: none;
}
I also changed to padding (space between each button) with something smaller on mobile
#reply-control .d-editor-button-bar .btn {
padding: 0 4px;
}
With these little tweaks, it should be better. If not, you can still deactivate some buttons with the new options.