Still seeking information on this and now November. According to this https://www.microsoft.com/en-us/microsoft-365/blog/2019/10/29/new-microsoft-project-rolls-out-worldwide/, Project for web is now GA worldwide. The article doesn't mention Education licenses at all. A previous article on https://docs.microsoft.com/en-us/project-for-the-web/turn-roadmap-on-or-off from July says that EDU licenses don't have access to the Roadmap (it was available at some point before that and the tenancy settings associated were also available). The fact that Roadmap is unavailable for EDU might explain why 'Create New' from Project home is greyed out, meaning that I also can't Create New > Project, but I'm still guessing as to the current and future availability of 'Project for web' for existing Project Plan 3/Plan 5 for faculty licenses.
In the Admin Console > Message Centre, my notification from September reads,
"How does this affect me?
You and your users will see the new project management experience, part of new Project, appear in your Project Home. The new Project service will share the same subscription as your current Project Online service."
I don't, they don't and it doesn't.
"To get started, go into Project Home, click the “New blank project” button and begin to build your project."
I can't.