While updating my in game command blocks and behavior pack to fit the new model I noticed that in game, command blocks and using the command prompt works as intended with the new syntax. However I came to notice that in my Behavior pack, the new syntax is not recognized yet, and still requires the old syntax for both custom items performing the execute command and for .mcfunction files.
The minimum engine version for the new syntax has been updated to 1.19.50. Please make sure that your behavior pack's minimum engine version is up to date:
"min_engine_version": [1, 19, 50]