Dynamic Island is Apple’s version of the notch. Instead of being attached to the top of the screen, it’s a pill-shaped cutout (actually, two pill-shaped cutouts) and a bunch of software to make those two pill-shaped cutouts act like one cutout that can display contextual information while hiding the fact that there’s a cutout. You can tell what I’m talking about if you look at a photo.
As for the others:
> Always-on Display: The display will show the current time when the phone is sleeping - it uses less power than it would on an LCD phone because of OLED.
> ProMotion: 120 Hz refresh rate, but only when Low Power Mode is off and the app requests it (e.g. games). So basically VRR (in fact, it is actually VRR under the hood)