The Control Panel is being replaced by the Settings app, according to recent update by Microsoft on its support blog that outlines all of the tools in-built with Windows.
The Windows Control Panel was first added to Windows 1.0 throughout the mid-80s and quickly became the hub to access everything that regarded system customization. However, Microsoft added an update to its support page that states the Control Panel is being "deprecated in favor of the Settings app" as the Settings app offers users a much more modern and streamlined experience.
Notably, Microsoft states the old-school Windows tool is still included in modern Windows versions for compatibility reasons as not all settings are present within the Settings app. But Microsoft plans on migrating all of the settings within the Control Panel over to the Settings, after which I expect will usher in the end of Control Panel as it will be rendered obsolete.
The slow switch is taking place right now as Microsoft recently added Power Mode options to the Settings app that was released in Windows 11 Build 27686, which hit Microsoft's beta channel earlier this week. This change has been happening for a number of years, and is considered natural as Microsoft is pushing to aggregate all of its settings applications within the Settings app for a more streamlined user experience.