This is one of the most baffling decisions in UI3.
When you have an existing component, you’ve kept the exact same icon as UI2, but changed the button’s functionality. I’m constantly accidentally creating a new component, when I’m trying to go to that component.
Please, when you have a component selected, hide this action in the ··· menu. There’s no reason for it to be one of the primary actions. 99.9% of the time when I have a component selected and I go to press this button, I’m actually trying to go to that component. Now that functionality has moved to the folder name, which is very confusing. But at least removing this button from the primary action menu next to the component name would help.