TLDR: Canvas is a new side by side mode in ChatGPT.
You can use it for improving documents. You interact with ChatGPT on the left panel. You see the document on the right panel including the editorial comments by ChatGPT.
You can also use it for running and debugging Python code. You interact with ChatGPT on the left panel. You see the code and the console messages/errors/output on the right.
Demo video url: https://www.youtube.com/watch?v=qZ0ImE41pVs