You have identified the just-released 2024 iPad Air (M2). None of the 2024 models of iPad Air and iPad Pro support the second generation Apple Pencil. Instead, your new iPad supports either the new Apple Pencil Pro - or the USB-C Pencil.
Here is Apple’s definitive compatibility list for Apple Pencil and iPad:
Apple Pencil compatibility - Apple Support
Different models of Apple Pencil use entirely different pairing and charging interfaces.
The second generation Pencil and Apple Pencil Pro can only be used with iPad models that have a magnetic/inductive dock that is exclusively designed for the Pencil. Automatic charging and pairing of these Pencils is controlled by the iPad's magnetic dock.
While the second generation Pencil and Pencil Pro both use inductive charging/pairing, the inductive-coupling components that charge the Pencil are positioned differently - this being necessary to accommodate camera hardware used in 2024 models of iPad Pro and iPad Air.
The USB-C Pencil is compatible with all models of iPad that also feature a USB-C port.
In summary, the Apple Pencil models are not interchangeable - and can only be used with the iPad that has appropriate internal hardware.