The new USB-C Apple Pencil supports hover with the iPad Pro and can attach magnetically — but at $79, it’s cheaper than the $129 second-gen Pencil.
The cheaper price means that the Pencil doesn’t come with some of the more advanced features as the first- and second-generation accessories. The device doesn’t support pressure sensitivity, wireless pairing and charging, or the double-tap feature that lets you switch between tools. However, it still supports hover with M2 models of the iPad Pro.
The lower price is nice, but zero pressure sensitivity is a big question mark IMO. You’d expect something at this price to have at least a few levels of sensitivity.