i definitely agree that having the location be separate from the toolbar is a good direction and placement under the tabs makes more sense than having it above in the toolbar.
however, there is the problem of split view.
i’m still on plasma 5 using dolphin 23.08, but unless the spit view also has it’s own dedicated tabs and location bar this UX is going to get muddy (again).
as for defaults, in your pic: i would rather see the menu hidden (ctrl-M) as well as the info panel (F11), and of course no tabs showing unless you open another location.
also not a fan of the rounded toolbar ends, but i assume that’s a configurable item.