Should this go somewhere when clicked?
It does. It lifts the drawer you can see below with all the “things you can do” listed within it.
Since this is part of the new design, it should probably be fed back in this dedicated topic
It doesn’t do anything when I click on it!
Pop your comments in the topic I linked to above. The people that are working on this read and comment in there
Might also be worthwhile including your OS, version number and app version number too so they can try and replicate it.
I’m on 2.61 iOS 12.4