Cool ideas. Those are interesting for me:
1. Reducing unnecessary elements in colorpanel. I would push it even more and hide even types of colorwheel/palletes. I would keep only 3 buttons - close, settings and add colorswatch. And under setting button there can be an option to show everything that was hidden. 
https://ibb.co/rcL6GG54. Why do we even need the top Opacity and Blending mode info? Other programs already use abbreviatures for blending modes (M for Multiply, O for Overlay etc). How about adding this info minimalistically to the edge of the layer? To change blending mode/opacity you just press on the edge. Or if you want to change opacity of layer fast, you can just swipe over layer. 
https://ibb.co/ySmKmgk5. Actually makes sense. I like the Idea of Fresco when you can doubletap on the button to change its behavior so you actually have 2 buttons in one. I am just not sure how it would fit to Artstudio because we can already do lots of stuff by pressing finger anywhere on canvas instead of just button. 
* I am incompetent to talk about other ideas mostly because I use different workflow.