TNL is rolling out the last parts of V2 content libraries which will surpass parity with the v1 experience. Consequently, it does not make sense to keep V1 content libraries around for too long. In addition, modular learning and a plethora of other features are slated to be built on top of V2 libraries. It is therefore essential that V1 libraries become deprecated, and become the non-default means of interacting with randomized and reusable content on edx-platform.
Please see the link to the issue below for more detailed information: [DEPR]: Content Libraries V1 · Issue #32457 · openedx/edx-platform · GitHub
Do let us know if you have any questions.