The panorama and splash text animation should not be affected by “Screen animations” option, only the transition effects.
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This is intentional per the 1.21.80 changelog:
Stopped main menu background rotation and logo text movement when the "screen animations" option is disabled.

This is just ridiculous! The panorama spinning and yellow text jumping animation is part of the game iconic visual identity. Without it the main screen just feel awful. Please revert this, I just want to disable the transition animations!