The Device inventory now shows the name Apple sells each device under, such as MacBook Air (M2, 2022), instead of a code like Mac14,2. You can see at a glance which laptops are older and due for replacement without looking anything up.
The original code stays underneath in smaller text, so you still have it when you contact Apple support or order parts. This works for Mac, iPhone, iPad, Apple Watch, and Apple TV, and there is nothing to set up.