Sorry to say but that is not a positive improvement and a very weird decision on Itoo's part as not everyone uses GPU or Vantage.
While this might solve an issue for GPU or Vantage, this brings an extra layer of difficulty for us that is seriously unwanted. Pointcloud doesn't give us a good representation as it's see-through and we can't see the shape of the cars well with 100s of cars or trucks, nor is it easy to see which model is actually used if you're randomizing between 30 cars for instance. Also Pointcloud even on a 5090 doesn't perform as well as just quick mesh with proxies, as well as not being able to select the pointcloud easily, or orbit around point. I tend to avoid pointcloud because well it's not a good representation in comparison to a mesh or proxy approximation.
Think of it this way, I combine several elements in a railclone definition, regular geometries and proxies and set it to quick mesh or even regular mesh (if it's not too complex). I can see what I'm doing and my viewport is smooth. Pointcloud not so much and boxes are just way too simple for lookdev, seeing if everything is nicely aligned etc. I can't do that with Pointcloud or boxes. I can't measure from a pointcloud or boxes either.
Also "V-Ray proxies no longer require full mesh mode to be rendered in V-Ray GPU and Vantage", which is technically not true, you just set it automatically to use the full mesh. Or am I missing something?