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Isn't v55 already multiprocess? How are these extensions working right now?

many of the apis were shimmed in such a way so that they'd work, but could still slow down the browser. Those shims will disappear.

If you have any legacy extensions installed multiprocess is disabled. If you don't have any, it is turned on.

Not correct. Some legacy plugins work fine: the add-ins store relied on user testing and flagging to confirm which still worked.