That menu appears to be for 3rd party installers that expect that menu to exist, its a legacy choice. On the desktop, the only choice I have in there that isn't on initial menu is Nvidia Control panel. In file explorer, there are more though
Promoting items to it isn't an option yet, I expect once the installers are updated it might allow them to show on main screen
I expect the More options choice will disappear, I was saying that a year ago when I started using the Insiders version so perhaps in the next Version update we will have some choices.
One fix is to use a different desktop shell but thats an excessive step to take to remove one menu.