I've spent some more time in PSSE now and can confirm that the OData feed (_api/ProjectData) is no longer available 😒. _api/ProectServer sems to still be supported though. Another surprising one I noticed was that Project Permission mode seems to have disappeared as well - I didn't notice that in the list of deprecations. I couldn't notice any other significant differences in the application.
It will be a bit more tricky to do any automation with Power Automate etc. I didn't test, but you will need to do direct rest calls to _api/ProjectServer endpoints - I didn't test how authentication would work though and suspect that will be a bit of a headache.
Administration of the tool will require someone who knows their way around Sharepoint administration, windows security, IIS, SSL certificates etc. Not for the feint-hearted. Querying either the Analysis Cube or backend database will require someone with mid-level SQL skills - although I can see a possibility that once this work was done and the data was in Power BI, "normal" odata consumers could get something similar to what they are used to.
If all you need is something that looks like the old Project Online and you are happy with Out of the Box features, this will probably fill a useful gap for you. However, if you want to do anything slightly different that previously relied on the reporting / automation layer, you are going to need to get creative. It's almost like they intentionally removed the good bits to make it harder for anyone to consider this as anything more than a stopgap to get past 30 Sept POL deadline.