I checked on an iPad 12.9 and this behaves differently.
The menu is shown on the bottom, not in the top as on the Air 3.
But it is not cut off and shows that there are no hidden point on the menu, which was my impression on the Air 3.
So this is only a minor graphical glitch, not parts of the menu hidden and unreachable.
Only some strange behavior of the position of the menu and a slight cut off on the Air 3.