In summary:

 

This article covers the classic demand/project financials flow.

 

As @Vinay3  noted, that capability is moving to the new financials experience (flexible budget approval and granular portfolio rollups).

 

- From the Australia release, classic financials and Project Workbench are treated as custom code.
- ServiceNow no longer provides bug fixes, security patches, or technical support for them.
- Existing projects, data, and financials remain in your instance, and platform upgrades continue.
- This applies whether or not you upgrade to Australia, so staying on N-1 does not preserve support.
- The recommended path is to migrate to the new Project Workspace. No new license is required.

 

Thanks @Vinay3  for the clarification and links.