The new term store experience enables management only of global term sets; local term set management is unchanged. It does not impact existing term customizations nor does it affect the classic term store management experience.
The new content type gallery allows you to create and manage custom content types from the admin center. These content types will continue to be stored in the content type hub. This change does not affect the classic experience for managing content types.
End users will see new filtering and tagging options in the managed metadata columns. When filtering, this new tree control is available within ‘See all’ in the filter panel. When tagging an item, users will see a new tree control to help select the desired term.