Since version 1.4.0 of Toolbar Extras the “Elementor Inspector” feature can be re-hooked from the top-level Toolbar to the Build Group. It will then show up as a sub-item and no longer wasting precious space. The functionality stays the same, of course.
In some installs it could be that the original Elementor option for enabling the Inspector has to be saved at least one time. Then also the Smart Tweak of Toolbar Extras can do its thing. So, it’s just about setting two options and saving them:
Elementor > Tools > Debug Bar(Inspector) — set to “Enable”
Settings > Toolbar Extras > Tab: Smart Tweaks— set “Elementor Inspector” to “No”
That is all. Then the re-hooking of this Toolbar item will work properly. — In the meantime I am trying to figure out if it may be possible to set these two things in one action from Toolbar Extras. But otherwise it is two very simple steps you can just do.