Short version:
This new feature gives you the ability to add taxonomy columns directly to library views in modern SharePoint libraries. Previously, you had to create managed metadata columns from within More options in the Add column experience.
Details:
You will see a new Managed metadata option as a column type within the Add column menu in SharePoint lists and libraries. By selecting the Managed metadata option, you will be able to specify column information such as name and description as well as choose your organization’s desired term set or term, to associate the column with:
New column creation taxonomy panel appears after selecting Managed metadata:
Availability
This feature rollout will happen early March to late March 2021.
