Google Search Console (GSC) reporting for Soft 404s is now more accurate. But where did those Soft 404s go?

Google announced in January 2021 that reporting for soft 404s are now more accurate. After the announcement, many sites saw the number of soft 404s drop heavily in GSC. Glenn Gabe of GSQi digs into the situation to see where those soft 404s went. E.g. Are the still being excluded from indexing or are they being indexed now?