Yes, it is annoying. However, it's not as bad as I thought it might be. Since the display is quite big in size, I generally use one window on each half of the display and I don't feel I'm really missing out on vertical space too much. The DPI is sufficiently high that I don't find the horizontal size too small either, which was certainly the case with half of a 1920×1200 display previously.

On the other hand, it's sufficiently big that I don't generally need such a large space. I could have gone with a physically smaller 4K display with a higher DPI and still been very happy.