Allow user to hide or pin the format bar

For instances where a user is creating a flow chart and the text formatting bar isn’t needed, can there be a way to either hide it entirely (similar to hiding UI) or being able to pin it to a location (like its attached to the Tool bar)? Having it open all the time when you’re clicked on an object can be frustrating when trying to see if you have a connecting line or to read an object right above it.