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Although buttons on each side would be clearer, there is (possibly undocumented) functionality along the extreme right edge of the timeline item that offers both view more and view less from the same mouse position. This means clicking on the extreme right of the item allows quickly expanding to see more, then collapsing with another click.
The region is a little hard to see, but if you hover over the extreme right of an item in the timeline it will highlight the region and also display a "view more" tooltip.