It still makes sense to apply for PR under current rules if you qualify. Those who hold a permanent residence document can have that document converted into the new settled status document free of charge subject to verifying their identity, a criminality and security check and by providing confirmation of continued residence. A document will also prevent confusion when individuals attempt to rent a property, move between jobs or open a bank account.
Apply promptly for the new document. While you will have till June 2021 to apply, you should be aware that if you apply before the end of 2020 and your application is rejected, you can just re-apply as with PR, however, if you apply in 2021 and your application is rejected, you will need to appeal the rejection to the Tribunal.