Grouping changes by the affected page can be useful to have a better overview of what changed. Currently this option is [[ https://meta.wikimedia.org/wiki/Help:Enhanced_recent_changes | provided though the general settings ]] but it may make sense to provide amore direct access to it.
Extending the pagination panel (T162786) can be a natural place for the functionality given that other display options such as sorting are also provided there. Selecting the "Group results by page" option will display the list of recent changes by grouping them for each page.
Making sure that highlight works properly in this mode (T159896) seems also a relevant related task.
**Reflecting the settings in the drop-down label**
In order to capture the current status, the drop-down label will reflect the current settings. For this particular case, enabling "grouping" will be reflected by removing the "View" part (making it implicit to get some more room) and adding the "by page" part. The diagram below shows how the initial message is adapted to the different changes in size, sort order and grouping. Not all combinations are illustrated (e.g., First 500 changes by page") but the examples shown should be enough to describe how the messages should be built.