I noticed that now there is only an option to change it to "Name Color" "Only Color Overrides" and "Rarity color", but now I can't disable the floating items for common items only, can you add the feature to enable particles for certain rarities only?

The option is still there, you're just looking in the wrong place, it's the "Particles Display Type" config, not the "Particle Color Type" config :)

Thanks! :)