"When will Photon be released for new Minecraft version?"

Shader packs are generally not very dependent on MC versions; as long as Iris is available, Photon should just work.

Iris (recommended)
- Iris is a modern shader loader with far better performance, mod compatibility and developer features than OptiFine
- Some features (Colored Lighting) will only work on Iris
OptiFine

Nvidia
AMD
Intel
NOT compatible with Apple GPUs (Metal) by default
- Disable SH Skylight and Colored Shadows

Photon Shader