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I’m using the action button with a shortcut. A long press will open a menu with different stuff so I don’t have to swipe down the control center which sometimes is a bit uncomfortable for me (small woman hands, haha 😅). In some categories I setup kind of a drop down menue e. g. to toggle from sound to vibrate and silent. I linked airplane mode with another short cut which turns on battery saving mode when activating airplane mode and some more tweaks.
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Mine is set to mute but I don’t use it. I’d like the mute switch back personally.
Is there a way to set action button in such a way that at least in 2 presses you can ensure it's "completed muted" without looking at the screen? (i.e via "clearly" different haptic feedback or vibration for "muted" "unmuted" or so?

Yes - I would also prefer a dedicated mute button on my next iPhone (16 or 16e)
 
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