Assuming you have the weapon sheathed and weapon drawn set up exactly the same way, you're right. That functions essentially in the manner I'm describing.
But you have to change both sets every time. Why the redundancy?! Who actually wants different hotbars based on whether their weapon is out? Obviously someone but it's not me.
I suppose to clarify/simplify, you could say I'm asking for that separation between sheathed/drawn to be removed.. but I assume someone wants and uses that feature and I'm not here to advocate for the removal of anything. I just a single set of those 8 checkboxes to act in a global manner, regardless of stipulations like whether my weapon is drawn.