The default changed recently, right? For me, the combined/rich view is horrible to use, especially when dealing with code and multi-line code (code fences => <pre> blocks). Selecting multiple lines and hit the code button creates individual code tags per line, instead of a single multi-line code/pre block. And manually adding code fences does not work either, as the backticks are then taken literally and wrapped into additional (hidden) backticks. Maybe the behavior of both editors should be aligned.