The small list allows one to drag and drop the effects to the mixer. I’d find it useful, if the expanded list allows this too. Say i want to place 4 effects on the master channel, i could drag them in no specific order to their desired positions. Currently one opens the big list and kinda tries to double click the effects in their wanted order, or i have to rearrange them manually. Also on each double click the big effect list goes away and i have to reopen it again.
Probably drag and drop support has been left out, because it covers a small amount of the mixer, but i think it would still be useful.
Edit: Maybe even drag and drop could be used for sorting the VST list, but that’s not that important to me.