But in my opinion, this is better than using a third-party P2P platform
But P2P trades are still a minority of Bitcoin's volume so you should compare PayPal's new service to centralized exchanges, and in this case PayPal loses, because it has all of their negatives, like KYC and not your keys not your coins, but on top of that you can't actually withdraw your coins to mitigate those flaws. I personally would use every last alternative, before buying PayPal's "Bitcoin" that you never really own.