You're free to adjust the height of the video and audio sections for each track, just like in previous versions. Nothing is actually different in PD2024 in this regard other than the use of a brighter color.

One way to do adjust the track height is shown in this graphic in green. As you can see, there are 3 heights available and the screenshot is set to Medium for the video track:



The other way is to hover the mouse cursor over the lower track boundary in that same area until it changes to a shape similar to the white double arrow, then click and drag it to manually resize the video track. Do the same thing on the boundary below the music notes to adjust that audio track's height.

Quote You're free to adjust the height of the video and audio sections for each track, just like in previous versions. Nothing is actually different in PD2024 in this regard other than the use of a brighter color.

Much different, I had mentioned this prior, as OP notes, substantial wasted space with new GUI interface. If one is adjusting audio in the timeline, you have 60% less space to adjust as shown in attached pic, even when max track height is used.

They could have made a very nice step forward even with the reduced vertical size of audio track, they could have implemented instant numerical db setting in the timeline edits vs mouse drag with this limited space.

Jeff