On > Apple Pencil > Squeeze.
With Apple Pencil hover, you can quickly preview and switch between different tools and controls in supported apps. You can preview a drawing tool before it makes a mark on the canvas. You can also sketch, write, and make adjustments with greater precision.
Apple Pencil hover is available on the following models:
iPad Pro 11-inch (4th generation) and iPad Pro 12.9-inch (6th generation) with Apple Pencil (2nd generation)
iPad Mini (A17 Pro), iPad Air 11-inch (M2 and M3), iPad Air 13-inch (M2 and M3), iPad Pro 11-inch (M4), and iPad Pro 13-inch (M4) with Apple Pencil Pro
Hold Apple Pencil up to 12 mm above the iPad display. Here are some examples of what you can do:
Explore the tool palette: Hold Apple Pencil over the Take and mark up a screenshot with Apple Pencil on iPad