Snip & Sketch

Snip & Sketch is a component of Microsoft Windows. It is present in Windows 10 versions 1607 and later as a replacement for Snipping Tool.

First version
In Windows 10's Anniversary Update build 14328, Windows Ink Workspace was introduced. It was a single place where users could easily perform pen-oriented tasks such as creating sticky notes, drawing on a whiteboard, and annotating screen captures. Each task had its own complement integrated, in which Snip & Sketch's first appearance was included: Screen Sketch. When clicked on Ink Workspace, it took a full-screen capture of the screen in which you could make annotations and then copy it to the clipboard, save it, or share it. This was a notable similarity with Snipping Tool, which had also started as a pen-oriented tool for Microsoft Tablet PCs.

Second version
Screen Sketch didn't receive many updates in following Windows 10 versions until October 2018 Update build 17661, where it had a major overhaul, and it included the following changes:

Some builds later, in build 17751, Screen Sketch was updated to have a more familiar name that converges the old with the new: Snip & Sketch, which would be the final used in later versions.
 * It has been converted into a full app, which includes multiple benefits such as being updated from the Store and supporting multiple instances that can be displayed in Alt+Tab . The Ink Workspace complement was kept, though, but it would be removed in May 2020 Update build 18912 and replaced by a link to the new app.
 * It has a more familiar way of being used, making it more like Snipping Tool:
 * When the Win+Shift+S hotkey is used, a new snipping interface opens, which now supports rectangular and freeform captures instead of just full screen. After the snip is taken, it is automatically copied to the clipboard and a notification toast appears.
 * When the toast is clicked, it opens an instance of the app with the snip, showing options for sharing, saving, cropping additional areas, and annotating with both pen inking and touch handwriting. If any change is made to the original snip, the modified version can be copied again.
 * It has more ways for being accessed asides the hotkey:
 * If the PC has a pen with a shortcut button, users can choose in Settings → Devices → Pen & Windows Ink if the snipping interface is opened when it is clicked once.
 * A new quick action named "Screen snip" is added to the Action Center, which opens the same interface when selected.
 * The Print Screen key can be configured in Settings → Ease of Access → Keyboard to open the same interface instead of Win+Shift+S.

Over the time, more changes would be added to Snip & Sketch, such as adding borders to snips, an updated icon, and Window Snip, which allows to capture a single window on the screen.

Snipping Tool's replacement
When Snip & Sketch was first renewed, there was a plan for it to eventually replace Snipping Tool. Although there were a few hints to this at the time, in build 17704 a note was added explaining this to Snipping Tool, which mentioned the following: Just a heads up...

Snipping Tool will be removed in a future update. Try improved features and snip like usual with Screen Sketch. As stated in the note itself and the official announcement for this build, Snipping Tool wouldn't be precisely removed in the next Windows 10 version, as this would be a feedback and data-driven decision, and both apps would be together for some time. Later, the note would be updated to have a clearer title, the app name updated, and a reference to the Win+Shift+S hotkey: Snipping Tool is moving...

In a future update, Snipping Tool will be moving to a new home. Try improved features and snip like usual with Snip & Sketch (or try the shortcut Windows logo key + Shift + S). After this, there were less news about the state on this deprecation, until Cobalt build 21277, where Snipping Tool became an optional feature that could be uninstalled from Settings, leaving the user only with Snip & Sketch.