@The Composer, mine doesn't. The button that you've circled, in my game, is instead is circular, with a box attached to the right of it, and gives a drop down when selected.
The only way for me to quick sort is to select the drop down, select a DIFFERENT option (like type or weight), then go BACK to the option I was originally sorting by.
In my circumstance it takes 3 clicks to sort something. I just jumped in on hotfix 15, so maybe that's relevant, but yeah, that doesn't work for me.
