But what's even worse is that the mini toolbar menus "view as" and "sort by" are now completely empty.

So what's this option even good for? Not starting the browser in thumbnail mode? To me it looks like a completely useless option so you might as well remove it unless it has some important function that i'm not aware of.
On a sidenote: It makes the "Browse with XNView" folder system extension redundant since it will not start in the folder you right-clicked on.
edit: I've already found out what the problem is. The .ini setting "UseExtendedMenu" is being switched to "1". That results in the two mentioned menus becoming empty. I don't know why that setting has even been changed though. That's for you to find out.