I connect and disconnect my bluetooth headphones from my computer regularly (but not my keyboard) and at the moment have to open up the bluetooth settings window just to do that. I wish I could just manage this from the tray icon dropdown similarly to how you can with wifi. At the moment all it seems to really be is a link to settings or disable everything with airplane mode.
This should really be discussed on the upstream tracker https://github.com/solus-project/budgie-desktop.
It is arguable I suppose that bluetooth devices are similar to audio devices that are managed via Raven (slide out bar). So maybe controls should be there rather than via an applet itself.