Blog Post
Quickly add approval workflows to any list or library in Microsoft 365
In theory this is a nice approval solution. But it looks like it hasn't really been matched with how document management works in practice. Because you would normally work on a document with several people and update the file several times, increasing the minor version count. Then, when the doc is ready, you want to publish it to a major version so it becomes visible to all users. Unfortunately this new approval process does not do anything with the versions of the file. It doesn't even update the version history with the approval changes but, even worse, it doesn't publish the file to a major version when it is approved making it useless for a DMS approval and publication approach.
You could make it more useful yourself by creating a Power Automate workflow and use the "Create an approval request for an item or file" action. Then check for the approval status and if approved publish the file to a major version. But would be much better if this would also happen if you do not set up your own workflow.