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Yes, TurboTax will reflect the updated Advance Premium Tax Credit relief and you'll see it on your income tax return.
However, as for getting the credit, Per IRS: The IRS will provide more details soon.
Per the American Rescue Plan:
The email I received from Maryland health connections says that any money owed back to the IRS for getting too much credit is to be forgiven BUT you still need to enter form 1095-A to reconcile. However, when I enter 1095-A it's still subtracting from my return... Is the software not updated with this new law? When can I expect it to be?
TurboTax is still waiting for final IRS guidance to update the software so the money owed for premium tax credit payback will be deducted from your return. We do not yet have the date when this will be implemented. Do not file your return until this has been changed in TurboTax.
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