When the create or paint tools are active the inner circle of the menu will show the favorites palette which allows quick switching between shapes and materials without having to open the asset or material drawers.
You can customize the favorites menu by dragging assets or materials from the side drawers onto one of the eight slots on the favorites menu. Just hover over an item in a drawer, press and hold the trigger and drag and drop the asset on the favorites menu.
Your active selected favorite will show in your favorite menu with a highlighted ring. You can easily switch to another one using quick access menu and laser select or touch the favorite prop you like to place or material you like to paint next.