About Google Global Site Tag (GST)
With the consolidation of different products and the stronger integration of Google with ad and measurement products, the new global site tag represents the central tracking basis. With the new code, Google connects different tracking systems and unifies data collection.
(Source: https://online-marketing.ch/post/digital-analytics-blog/global-site-tag)
GST replaces the tracking format of Google Analytics and Google Ads. So GST is only relevant if you don't want to use the classic GA integration. New GA accounts will show the newer version of GST as an option by default.
You can also find more details here:
https://support.google.com/google-ads/answer/7548399?hl=de
You can find a great explainer video in English here:
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