I think the Manage access module will still be used, especially for managing users and groups who have been given access to a file. We can remove them from there. But the list of different links we used to create won’t be needed anymore. The link will be the same, whether you are sharing with a specific person, or a link that works for everyone in your org. 

The hero link will unite sharing with manage access so it's all one seamless experience - for people, groups, links, folder permissions, etc. Check out this blog for visuals and a breakdown: Simple, Smart, and Secure: The next step in sharing files in Microsoft 365 | Microsoft Community Hub