A new SharePoint Online setting allows tenants to switch the target for the Stream tile in the app launcher to the new Stream. The intention to is have users become accustomed to the features of the new GUI and the way that Stream can manage video content anywhere inside Microsoft 365. The downside is that migration from Classic Stream isn’t available yet. It’s coming, just like Christmas.
Storage for videos stored in the new Stream will be charged against SharePoint Online and OneDrive for Business accounts. This shouldn’t make much difference for Teams recordings, as there’s plenty of storage available for OneDrive accounts. You can increase the default amount to 5 TB in enterprise tenants, and that should be enough for even the most copious of Teams meeting recorders.