There are two existing application groups that will be replaced. The first are the Mail and Calendar apps which come with Windows whose functionality will be combined under the New Outlook. It is likely that these may be replaced in 2024, although that is still up in the air.
The second is the Outlook application that typically comes with Office 365. In a presentation in mid-September 2023, the Outlook Product Manager and Lead Engineer basically said that there would be at least one year of lead time before the cutover would take place. As an example, they cited the development timeline of the new Outlook for macOS, which previewed in 2020 and had a production opt-out in 2022 but still has not had a cutover date established.
The New Outlook for Windows still has a long way to go before it can replace the existing Outlook; here's hoping that Microsoft is taking the feedback it gets seriously, as there are some pretty big issues that need to be addressed just to get it to an even playing field with New Outlook for macOS.