Yes, there are several differences, several improvements, and the new style is much more elegant and pythonic in my opinion. I have not read it anywhere, it's just flattering, but I believe the old style is maintained for compatibility with legacy code.
I put some differences below, in fact, I chose those that I could not do in the old format, of course I did not put all of them, but only the ones I found most interesting, for access to all the features, get the documentation.
With the new style you can clarify the position of the argments:
'{1} {0}'.format('Um', 'Dois')
Dois Um
Choose a pad character:
'{:_<9}'.format('teste')
teste____
Centralization:
'{:^10}'.format('teste')
teste
Arguments in keys:
'{nome} {sobrenome}'.format{sobrenome='Silva', nome='José')
'José Silva'
Access to data structures (dict and list in the example):
pessoa = {'nome': 'José', 'sobrenome': 'Silva'}
'{p[sobrenome]} {p[nome]}'.format(p=pessoa)
'Silva José'
data = [9, 2, 43, 18, 32, 77, 99]
'{d[3]} {d[6]}'.format(d=data)
'18,99'