The new timer control shows more customer interactions/records compared to the old version of the control, thus enabling to seem much more information without the need for scrolling.
The user can hover over the activity to find the menu options
The filter button next to the + button allows users to easily filter and find the appropriate records.
Comparing to the older version (shown below), we also have less whitespace in the newer version along with the change in the location of the filter pane and different actions option for the records.
https://nishantrana.me/2019/12/31/dynamics-365-2019-release-wave-2-blog-posts/
https://nishantrana.me/2020-release-wave-1/
Hope it helps..
Nishant Rana's Weblog 
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