I'll leave it up to others to determine how big of an issue this is, but the patch in #1387 mostly-regressed #843.

To see the issue in action, go to https://www.mkdocs.org/#great-themes-available and put your mouse to the right of "Great Themes Available" (say, above the phrase "Choose between"). Notice that "Great Themes Available" displays its permalink icon.

Now, do the same but for "Host Anywhere" (put your mouse just above, say, "Github pages"). Notice that "Host Anywhere"'s permalink isn't displayed, but "Great Themes Available"'s is.

The difference between this and #843 is that this now only applies when you're just above the heading for the current #ref in the URL.

The old screenshot I posted should illustrate the issue: