While the original Fluid Motion Frames (AFMF) worked as a part of the HYPR-RX package, which is a driver-level profile that users can enable with a click of a button, or use it without HYPR-RX for specific games, the new version, which is still in its Technical Preview phase, comes as an optional Technical Preview driver download.
According to AMD, the new AFMF 2 version brings several new optimizations that brings lower latency and higher performance, including fast motion optimization, borderless-fullscreen support, enhanced AI support, and even Radeon Chill Inerop support. The AFMF 2 gets new High and Standard modes for different resolutions, a new Performance mode that reduces overhead, reduces latency across all settings and hardware and has an updated algorithm that should reduce jitter in high-motion scenes. In addition, it works on any OpenGL or Vulkan API games, as well as DirectX 11 and DirectX 12 APIs.
The previous version brought support for Raden RX 7000 and RX 6000 series GPUs, so there are no changes there, and it also has support for Ryzen 8000G and Ryzen 7000 CPUs (except select Ryzen 7000 series CPUs with AMD GCN and RDNA 2 architecture).
You can check out more details about the AMD Fluid Motion Frames 2 over at AMD's website, or find the Technical Preview driver here.