It’s the competitive season that is ending. So things like the 0.1% M+ title, the PvP equivalent titles, dragon appearances, toy etc will no longer be able to be earnt.
All the raids will become awakened in prepatch, so you can still do them all but there will be no raids running at their old difficulties like we’ve had until now, there won’t be a cycle. They’ll all just be activated. No more outgearing the unawakened raids.