It wouldn't be a month at Google without a product being renamed. Chrome's data saver functionality has significantly grown since it was first introduced years ago, and now focuses more on performance than reducing cellular data usage. As such, the Chrome team is now renaming the feature to 'Lite mode.'

Lite pages on Chrome 73

Lite mode encompasses a different few features, some newer than others. Images and other large files are compressed server-side (much like how Opera Mini works), and if you're on an especially bad connection, you'll get a minimal version of the page generated automatically by Google. If your PC is also on a metered connection, I'm sad to report that the Chrome team still has no plans to bring Lite mode to desktop Chrome.