You can use the same dropdown to change an object’s layer. Select the object(s), click a layer. Obviously, this is not unique functionality. But it is not nothing.
-Gully
… and the dropdown can show the active layer when the Layer Manager is hidden / collapsed.
I like that it will show what an object’s layer is by changing it’s icon to a select arrow, and it’s background to pastel yellow (or… tooltip color?) (It will turn blank when multiple selected items are on multiple layers.)