The Control Panel is a feature that's been part of Windows for a long time. It provides a centralized location to view and manipulate system settings and controls.
The Settings app was initially introduced in Windows 8 in 2012 as a touchscreen-friendly alternative for some of the Control Panel applets, but during the Windows 10 era, it began picking up more and more Control Panel settings.
While individual Control Panel applets have disappeared over the years, Microsoft's note suggests that the rest of the applets may disappear en masse in some future Windows update.
For now, there's nothing that's changing in Windows. Even the upcoming 24H2 update still has all the old Control Panels in it.
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