Anyone know what is the purpose of this weird thingy? What does it do and how can I get rid of it?
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That’s the IMM Viewer. It shows what options there are for the selected IMM Brush. (I’ve no idea why it shows for the ZModeler brush.)
To turn it off, select the Standard Brush then turn off Preferences>Interface>IMM Viewer>Auto Show/Hide. Store the configuration (Shift+Ctrl+i).