This is a brand-new integration of V-Ray, built on the latest version, V-Ray 7. It has no association with the legacy plug-in for Blender from several years ago, which only exported Blender scenes into a .vrscene file for rendering with V-Ray Standalone.
The new V-Ray for Blender is a far more comprehensive integration, now in beta, that aims to provide a complete, seamless experience for Blender users by embedding V-Ray’s powerful rendering capabilities directly into Blender’s workflow.