Hi Adam. Firstly, let it be known that I am not responding on behalf of OpenLMS, but as an enthusiast of Moodle and H5P.
A little bit of backstory first - For the first several years of use, H5P was integrated into Moodle via the "Interactive Content - H5P" community plugin (black icon).
H5P quickly developed a large and passionate following amongst the Moodle community (I count myself in this) and this reached the attention of Moodle HQ.
From Moodle 3.8 onwards, MoodleHQ commenced the integration of H5P into Moodle core and they have been progressively releasing H5P related features over the last three releases (3.8, 3.9, 3.10). In M3.9, we received Moodle HQ's H5P tool (blue icon), but this tool has a very different (and to my view, confusing) development workflow.
MoodleHQ's roadmap is vague on details, but my gut is that H5P will be fully integrated by M4.0.
My own view is that the original, "Interactive Content - H5P" community plugin is still a better integration (for now), but the gap is closing. I continue to use this plugin and have turned off the core plugin on instances I administer.
There are plugins that can migrate from the 'old' mod_hvp to the core 'mod_h5pactivity', so ahead of any decommissioning of the old plugin, I am banking on a migration strategy.
If you wanted to see a comparison of the two approaches, you could view the following webinar that I presented to an Australian audience, earlier this year: