Find out what has changed in Adobe Camera Raw 12.3 (June 2020 release).
In Camera Raw Preferences, the option to apply sharpening to preview images only is deprecated.
If you don't want to sharpen images in Camera Raw, set the Sharpening slider to zero.
The option to choose Camera Raw database to save image settings is deprecated. Image settings are now stored in XMP sidecar files or within DNGs. You can view the DNG settings under File Handling in Camera Raw Preferences.
The Custom Settings option in the hamburger icon is removed. This icon is replaced with the three-dot icon in the right panel. Image Settings is Reset to Open, Camera Raw Defaults is Set Raw Defaults, and Previous Conversion reads the same in the three-dot menu.