As of v1.64:
You can click the "Layout Control" and choose Show Side Panel
or the menu View/Appearance/Show Side Panel

and then you can drag various views into like the Terminal/Debug/Outline/SCM views.

So you will be able to have the Panel remain on the bottom for other content and a Side Bar on the left/right and a Side Panel on the opposite side.
And with v1.64.2 you can use the command:
View: Move Panel Right
or Left or Bottom
which will move the Panel to the right with the optional Side Panel to its right. The terminal can be in any one of those Panels, by dragging it for example.
Side Bar | Editors | Panel | Side Panel
See a couple more demos at https://stackoverflow.com/a/69329503/836330