Google has launched numerous search algorithms around speed in the past. The question some folks have is does Google still use those old ones or does the new Page Experience Update replace those. John Mueller of Google said he would assume the Page Experience Update replaced the old ones.
John Mueller of Google said on Twitter "we try to avoid unnecessary duplication in our code, so I would assume this replaces the previous speed ranking factors."
Here are those tweets:
We try to avoid unnecessary duplication in our code, so i would assume this replaces the previous speed ranking factors.
— 🍌 John 🍌 (@JohnMu) July 21, 2021
The old Google Page Speed update was announced in 2018. Before that in 20210 Google had a speed factor as well. I assume those are all gone and this Page Experience Update replaced those.
Forum discussion at Twitter.