Even though model component is tagged as deprecated don’t worry, it will continue to be supported. There is no real need to change your project unless you’d like to try the new features.
We have added a new ‘Render’ component which has better functionality than Model. The API is different though so you may need to update your scripts if you move to render component.
There is a setting to choose between Model or Render when you import FBX. Go to Settings->Asset Tasks and enable ‘Convert to GLB’ and ‘Import Hierarchy’ options.