This is a prerequisite to being able to ncc inline the Babel dependencies in next.js.

The removal of preset-modules is based on replacing it with preset-env under `targets: { esmodules: true }`, as per the guidance from the package (https://www.npmjs.com/package/@babel/preset-modules):

> Starting from @babel/preset-env 7.9.0, you can enable the bugfixes: true option to get the same behavior as using @babel/preset-modules, but with support for custom targets. If you need to target browsers with native modules support (like this preset does), you can use targets: { esmodules: true }.

From the above, I'm pretty sure this is entirely a backwards compatible change, apart from the change to the runtime plugin list being visible. Perhaps @developit can confirm this as well.