Is Adobe Flash Player being phased out?

I got a notice that I should uninstall it or if I want to use it download the latest version. 🤔

Which is it? Is it no longer needed? Does it not work with the latest Catalina OS? Will it be obsolete by Big Sur (which I understand is not compatible with some backup software, and I’ve been warned not to upgrade, but that’s another topic.)

Can I uninstall? Should I? Does it matter?

Here’s the warning.