Much better. I also enabled the main menu option, quick access, no dangling through fly-outs necessary. And I like your idea of saving the whole set if no specific object is active.
It were nice to click and start drawing right away. This would also make it easier to find your way among the very tiny buttons, because you simply replicate your favorites with descriptive names in your user drop-down. Upon selecting, the corresponding object button will highlight and offer its settings.
Ideally, drawing right away would allow triggering objects that are not on the toolbar. To remove buttons you never tweak, being fine with the presets you have set up for them. Such a reduced toolbar also makes navigating the remaining buttons easier, without compromising your objects available - just get them from their descriptive name in the user dropdown.
It would help to access object selection mode with a key shortcut (Esc or Space or whatever). It's distracting to travel to the outer edge, aiming for the right button, then back again to the center of the screen, to resume where you left off. Alternatively, Ctrl D (deselect) could always snap back to object selection mode. Or a right-click menu that brings up the selection modes at the mouse pointer. Yet another way to de-clutter the toolbar.
I really like the direction this whole preset-improvement has taken. Achieving a consistent look across similar objects has become a lot easier. Warrants a new major version number, imo.