yes, the stand alone version of Pro Maps for Google uses the V2 API.
"and that it no longer provides functionality for the latest V3 Google"
It never did provide the functionality for the latest V3 Google, that was never a feature of the Pro Maps for Google Extension.
Google Still offers the V2 API, and it still functions. By "no longer supported by Google" this means that google will not answer questions or offer assistance with problems in implementing the API. but then again, we've done that part for you.
You can continue to use the stand alone version of pro maps, it will just use the V2 API code.
In the pages that are created, you can force it to connect to the v3 api by changing the script tag:
<script type="text/javascript" src="http://maps.google.com/maps?file=api&v=2&key=ABQIAAAAvZMU4-DFRYtw1UlTj_zc6hT2yXp_ZAY8_ufC3CFXhHIE1NvwkxQcT1h-VA8wQL5JBdsM5JWeJpukvw">/*wagmp*/</script>
and editing the v attribute to v=3:
<script type="text/javascript" src="http://maps.google.com/maps?file=api&v=3&key=ABQIAAAAvZMU4-DFRYtw1UlTj_zc6hT2yXp_ZAY8_ufC3CFXhHIE1NvwkxQcT1h-VA8wQL5JBdsM5JWeJpukvw">/*wagmp*/</script>
I'm pretty sure you can also remove the key as it is now optional:
<script type="text/javascript" src="http://maps.google.com/maps?file=api&v=3">/*wagmp*/</script>
Using the older API does not mean that maps no longer function, it doesn't mean that maps created with the Stand Alone version or obsolete.
The upgrade to Design Extender gives much more than just upgrading the API that is used in pro maps, it also gives you 8 other tools.