Hello @Kani · Thank you for reaching out.
Yes, new installation of on-premise MFA is deprecated by Microsoft. Now you need to use Azure MFA Service to implement MFA for your on-premises SharePoint server. Which means, you don't have to install MFA on a server in your on-premises environment and you can leverage MFA cloud offering by Microsoft.
For this purpose, you need to federate your SharePoint server with ADFS and configure Azure MFA as authentication provider with AD FS. All the step-by-step instructions are mentioned in this doc: https://video2.skills-academy.com/en-us/windows-server/identity/ad-fs/operations/configure-ad-fs-and-azure-mfa
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