They not modernizing the control panel, they replacing it.
Moving as much of its functionality into Settings, put what doesn't fit into Windows Tools (which right now is in Control panel but I expect once they have moved everything else out, they think of something).
They moved more in win 11 and insiders builds show they are continuing to move more into it in coming version updates.
Metaverse is inevitable, being sold as something for customers where really, its not. Its all about marketing, and creating the biggest pool of people to sell stuff too. No wonder Facebook are now Meta - its made for them, you need VR headsets and its all about the advertisers.