Verizon was one of the first in the U.S. to have 5G, but this whole time, the carrier has been exclusive to millimeter wave technology. Millimeter waves, or mmWaves, are super-fast, offering gigabit speeds, but they're limited. They can be blocked by something as thin as a piece of paper. That means that they don't work indoors, or when a device is in your pocket.
The carrier has been clear that there was a sub-6GHz network coming later this year, and at Apple's iPhone 12 event today, it confirmed that it's ready to light up its nationwide 5G network. That means that you'll finaly get 5G service indoors.
Another limitation if millimeter wave is that it's expensive to roll out, while sub6 is much more inexpensive. Verizon's mmWave coverage is only in select cities, and as mentioned, you actually have to be in line of sight of a cellular antenna. With sub6, that won't be an issue. It will be available in more rural areas, and it will work everywhere that 4G worked.
Verizon didn't provide many details on if this is getting lit up today or if it's soon, or even what frequency it's using, but it will likely share more soon.