1.You could use following PnP PowerShell to set the major version limit to 10.
$SiteURL = "https://tenant.sharepoint.com/sites/emilytestnew"
$LibraryName = "Documents"
#Connect to SharePoint Online site
Connect-PnPOnline $SiteURL -Interactive
#Get the Library
$Library = Get-PnPList -Identity $LibraryName
#Set Version History Limit
Set-PnPList -Identity $Library -MajorVersions 10
2.Per my test, after setting the major version limit to 10, once you add a new version, SharePoint will automatically delete redundant versions, leaving only 10 versions.
3.The new feature you mentioned above rollouts start at March 2024.
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