The latest API release brings along improved product filtering capability through the storefront API. Further, it includes new meta field definitions on customers, collections, and Orders and the brand new Product Taxonomy API.
Apart from these, this version also contains an Order Invoice API, more error codes for bulk mutations, and decluttered processes to obtain translatable resources along with barcodes, and featured images.
As of version 2021-01 will become unsupportive when the new version becomes available, Shopify store owners must check their API Health Report to ensure they have reviewed the changes and are compatible with them.