I updated to Alfred 3 today from Alfred 2. I created an account on this forum just for the cog.
I also prefer a minimal look to my menubar, removing or hiding most icons with Bartender. I completely hid Alfred 2, because it was easily accessed with ⌘-spacebar. On the rare occasion I needed Alfred's preferences, the cog was not merely convenient -- it was the only obvious access point.
While ⌘, and the other three methods work, I generally don't need to mess with Alfred's preferences. For this very reason, I would not necessarily remember any shortcuts -- yet when I need the preferences, I really need them.
I advocate the return of the cog, or for the hat to take its place.