This is what I use Directory Opus floating toolbars for. I personally dock mine to the top of the screen and invoke it with a keystroke/macro combination but they do support autohide (or on a multi monitor set up it can just be a permanently docked fixture). It's nice as the buttons can launch anything from simple executables to scripts, Directory Opus macros which are very powerful as well. I felt it was a more sustainable solution to using something that has been long deprecated and its continued existence can't be relied upon. https://docs.dopus.com/doku.php?id=additional_functionality:floating_toolbars
This is also why I moved to NetWorx for my taskbar network speed indicator, as the devs fully support Win 11 with it and actively maintain and improve support.
I'm grateful to @Tihiy for rewriting the legacy taskbar... my whole philosophy is to not build workflows around legacy tools that can eventually break. A new codebase that isn't reliant on MS (as much) makes me feel a lot better.