Using New Outlook on Windows for personal email, calendar, and contact management
Your PST files don't go away on switch to new Outlook. If you do an online search you'll find other non-MS tools that can read PST files.
If you have a paid Office 365 subscription you will be prompted to switch but it gives you the option to switch back which is what I did since I do have a paid subscription.
A reply on my feedback to MS on switch back said that the paid subscription actually allows for use of PST files. (Not what they'd previously announced.) Due to that I switched to new again but then it wanted to put my other non-MS email accounts in MS cloud. I don't need that since I can access those via their own mail sites on the web. Moreover, I don't WANT that as I have no desire to give MS access to my other email. Accordingly I switched back to classic Outlook again noting that as the reason.