Yes and no. If you choose, you can still use the traditional Fastpass system. The only difference now is you need your park ticket to use your Fastpass instead of the paper you get at the FP machine (the FP paper is just a reminder of your time now). But the rules are still the same (you can get a new FP at the start of your next FP return time or after 2 hours, whichever occurs first, you have to wait a minimum of 30 minutes to get a new Fastpass unless you use the Fastpass you just got, and you can’t have 2 Fastpasses for the same ride at one time.).
But you can also use Maxpass now. Maxpass costs $15 per ticket per day and it is absolutely worth it. You can reserve Fastpasses on your phone and use them with your park ticket or with your phone. The rules are the same as regular Fastpass, except you can actually get a new Fastpass after 90 minutes instead of 120.
You can look up details on Maxpass or regular Fastpass online and there are lots of places online where it’s explained. Hope this helps!