@Nebster66 I'm going to say "yes" that I believe this is caused by a change in the Opera browser platform because I have the same setup on multiple devices - the above report was my observation of behaviour on a desktop computer but I have repeated the same test on a laptop and seen the same results.
For the behaviour match on both, something has changed in either the browser or the underlying OS - both run Windows 10 Pro and both have PowerToys with all updates being applied in a timely manner.
So either Opera's browser has changed or Windows/PowerToys has changed to result in the observed change.
Can't be definitive here on which one is the culprit but thought with my initial report above to simply corroborate your observation with my own experience.
Aside about Chrome PiP:
When I right click on a video in Chrome, I only get a handful of copy options, a troubleshoot option and the stats for nerds option. I'd always assumed Chrome left it to the extensions platform to provide PiP functions where Opera and other provide these extra QoL features as part of their USP. (Excuse the acronym soup!)