Will the hover feature be available on the Apple Pencil 2 and the iPad Air 5?

The newest announced iPad Air is actually the 6th generation. Also, there are currently 4 Apple Pencil models. They include the Apple Pencil 1st Gen and 2nd Gen, as well as the Apple Pencil (USB-C) and the new Apple Pencil Pro. To answer your question, no. The iPad Air 5th Gen does not support Apple Pencil hover with any Apple Pencil model. The iPad Air 6th Gen however, which only supports the Apple Pencil Pro, might support the hover feature, based on the fact that it runs on the M2 Chip. The iPad Pro generation that upgraded to the M2 chip was the first one to support hover, but it is still unknown if the 6th Gen iPad Air will support it. Hope this helps!