I think the new layout is fine for mobile but should be reverted completely for desktop.
From there (v1.28.1 basically) I suggest the following changes:
- move the account switching to the profile menu in the top right
- instead of clicking on your current account again in the account switcher to logout you should add a logout button in this menu
- the "Accounts" menu entry could be renamed to "Manage Accounts" to make things clearer
- move the Inbox, Profile and Saved menu buttons inplace of the Account switching
- I think you can keep the profile picture as an icon for the profile link in this menu. For Inbox and Saved I didn't bother to change the icons for this mockup
These changes would put all the functionality that is used more often closer together and reduce the amount of mouse travel.