Google Drive for Mac / PC is going away. Alternative - Google Backup and Sync

For those of us using Google Drive software on our Windows or Mac to save files from our computers and sync to Google Drive, "Google Drive for Mac / PC is going away soon". If you are still using Google Drive, you might have seen the notice when starting Google Drive desktop app. As a user, we might be wondering if Google Drive is going away completely? What happens to all the files saved on Google Drive?