The source – seroundtable.com
According to Google's John Mueller, the Page Experience Update will replace the previous Speed Update algorithm that was launched in 2018. This will avoid duplication in your code.
We try to avoid unnecessary duplication in our code, so i would assume this replaces the previous speed ranking factors.— 🍌 John 🍌 (@JohnMu) July 21, 2021
The "slow launch" of the Page Experience update began on June 15 and will run until the end of August. Core Web Vitals are part of the new ranking signal.