Update (April 3rd, 2025) - the deprecation and removal has been cancelled. The flag is still a no-op and does not serve a purpose, but it will remain to avoid breaking old scripts and tools. The flag is more prevalent than we thought.
The Python 2 days are behind us, thus we can kill off the --no-python-version-warning flag which disabled the "Python 2 is sunsetting support" warnings :)
If you're using this flag, you can simply stop. It does nothing today.