Yes, when reading through a document and highlighting, the naturally flow is top to bottom. So obviously the next highlight will come after the current highlight. Because of this, the menu often gets in the way of the text that I am going to read next - so I often need to tap to close the menu.
To clarify, I only want to change the position of the menu - not how it behaves. The menu is capable of appearing both above and below the text. However, this seems to be random and there is a higher chance that it appears below the text, which is not helpful for the reasons mentioned.