The processing times are the biggest spec material here, according to this source it should be around 6 months but some consultants and lawyers claim it will take around 1 year (according to the subreddit ImmigrationCanada).https://www.cicnews.com/2021/04/faq-new-pr-streams-for-essential-workers-international-student-graduates-in-canada-0417879.html#gs.z351e0
Just note that I think most of this is speculation, and we won't know for sure until May 6
To me, that’s the difference between applying for this or CEC.
Hopefully we’ll see more announcements this week.