Yes it’s just a possibly dwarf planet in the sense of rounded under gravity, There ae 27 possibly large enough and numerous other candidates already discovered. Including Eris, Pluto, Makemake, Haumea, Quaoar, and Sedna
It orbits always beyond Neptune, outermost green circle in this diagram, the new possible dwarf planet’s orbit in yellow - and it is no threat at all to Earth.
They often find Trans neptunian objects like that. I’m not sure why this one got in the news so much.
This is just a list of the largest ones found to date, ones large enough to be roughly spherical.
List of possible dwarf planets
They have found many much smaller ones too. There’s a plot of all the objects they have discovered so far outside of Neptune here
Plot of the Outer Solar System
And a list of the known Trans Neptunian Objects - ones that orbit the solar system with orbits on average beyond Neptune, here
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