Yes, one thing at a time.
Each action requires a long press. A short press would show you the ringer state if you were looking at the screen, or prompt you to long press if you set it to control other functions.
If my phone is in my pocket, a short press does nothing, it wouldn’t even give me a short vibrate to inform me that the phone is on silent.
This has to be the biggest oversight of this button.
Sorry to tell you that currently there’s only 44, but that’s more than good enough for me ;)