I was interested in Elements way of rethinking the ways how to switch between the ways to edit and view pages. Experimenting with new workflows is to be commended as coming across something break-though.
After using the new options in elements for a few weeks the current implementation has one of the problems that I initially expected it to. All the time I spent switching in Classic between editor and preview has just been replaced by an equal amount of time clicking “show selection” on and off.
I still think that what would really save a lot of time is to have the label above the element. Then it wouldn’t be blocking the element you are trying to work on. The way it is now I feel elements took one step forward one step back. I was really hoping it would just be one step forwards.