They've been working on some version of this feature for several years now in various iterations. I believe this is either their third or fourth attempt to get it right - I was trialing a beta of some previous iteration of it a few years ago and it was incomplete/not fully well thought out which must be why they dropped it. I'd trust the feature here at least to be decent now, because of how many attempts they've had at it.
But yeah if I was a company like Zenhub I would be probably a bit worried at this announcement since it is almost inevitable that this specific feature is going to be enough for people to no longer need third party management of issues. I know in a previous company I worked for that specific feature (proper parent-child relationships) was the reason they used Zenhub, and same for my current company using Linear.