From the Newsroom announcement:

Final Cut Pro 11 takes full advantage of Apple’s M-series chips, introducing the powerful and intuitive Magnetic Mask; Transcribe to Captions, a highly requested feature that provides fast and accurate closed captions; spatial video editing; and a range of timesaving tools and workflow optimizations.

While I use Final Cut occasionally, I am by no means an expert. Thankfully, Tyler Stalman is:

Final Cut Pro is $300 in the Mac App Store, and this update is free for Final Cut Pro X users. A free 90-day trial is available as well. Apple still offers its “Pro Apps Bundle for Education” for just $199.