It behaves consistently for me. Works the same way it works for non-rift use. I use it to leave one of the windows up even if I look away, which is handy when spamming request for docking.
Okay, I've misunderstood "toggle" and experienced something other than I expected and seen it as a bug. Apologies for that.
Toggle has always meant, to me, a 2 state thing like a light switch - on or off. If the lights had 3 or 4 states (e.g. off, 25%, 50%, 100%) then I wouldn't refer to it as a toggle - and I'm not even sure if this is okay or not, ha ha, just what I've always done. :S
As far as the Toggle mode for Oculus goes - I now understand it, but still don't like it.

It has
FOUR states - headlook/left menu on/no menus on/right menu on - to me this is really clunky as I only want headlook/no menus so I have to press the button twice every time to switch between those. I'll just have to stick with Hold then (even though it's not perfect either IMHO) as, evidently, some people such as yourself do like it for bringing up single menus.