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Does it mean the plugin _fully_ moves to using catalogs? (no `_` version anymore, no `versions.properties`, everything in the catalog)

Does it also means this migration would allow any project to move to using version catalogs?

Yes that's the idea.
if you choose to you can have everything in libs.versions.toml
versions.properties will still be there if you decide to use built-in dependencies like Testing.kotest.json - or for Gracle &lt; 7.4
if you are not interested in dependencies updates, you can also use refreshVersions to migrate to versions catalogs, then remove the plugin

see the generated versions catalog <https://gist.github.com/jmfayard/1082b1ac8f613c6d95c18683626e85b1>