The change we've all been waiting for has happened (actually not).
Thus, the era of conversions has come to an end. They are no longer visible in the Google Analytics interface. They are gradually and permanently moving to Google Ads.
What was once called Conversions in GA4 can now be found and created in the 𝘈𝘥𝘮𝘪𝘯 -> 𝘒𝘦𝘺 𝘦𝘷𝘦𝘯𝘵𝘴 (Admin -> Key Events) section. Counters of key events are included in the Reports and Advertising sections.
The main things to pay attention to:
1. The update is rolling out gradually - I don't see the updates everywhere yet.
2. If you have a Google Ads account linked to Analytics, you will now see consistent conversions in the Advertising Workspace for campaign performance reporting, and you will be able to use them to inform ongoing optimization for better results.
3. The names of some dimensions and metrics will be updated. The term 'conversions' will disappear, and will be replaced by something related to 'key events'. Be careful.
4. For now, I don't see any changes in GA4 Dimensions & Metrics Explorer - they will evidently arrive later.
If you work with GA4 to BigQuery exports, be sure to check out my SQL cheat sheet.