It is actively updated by Mojang, and gets most of the same content features that Bedrock edition gets, but still has Java + OpenGL code using LWJGL (Lightweight Java Game Library) so it cannot ever integrate bedrock edition's graphics engine, including its support for RTX raytracing.

There is a lot of open source activity surrounding Minecraft, such as the Fabric, Forge, PaperMC, Sodium, and Modrinth projects. Most of this keeps up with the latest version of Minecraft Java edition, but some are still stuck behind playing 1.7, 1.8, 1.12, 1.16, etc due to mods that only existed on old versions.

Bedrock and Java edition are not interoperable, they have different save formats and multiplayer protocols. But there is a decent compatibility layer called GeyserMC that allows bedrock clients connecting to Java edition servers. It's a surprisingly polished experience but does cause bugs and incompatibilities.