Based on the recent data from Common App, till Feb. 2021, among all the applicants applying via Common App, only 44% submitted SAT or ACT scores, which represents a huge decrease from last year, 77% in 2020. 
It's not that surprising since more and more universities have opt-in flexible application requirements on tests, plus the test cancellation due to the pandemic. 
Does this mean that when applying to those more selective schools, we'd really go for "test optional"? We are not so sure to jump to conclusions.  
Let's take a look of the numbers. For those applicants to more selective universities, the dropping rates of submitting ACT or SAT are actually lower than that of the less selective ones.

As students and colleges adapt to new realities and changes to the college admissions process, College Board is making sure our programs adapt with them. We’re making some changes to reduce demands on students.
We are no longer offering SAT Subject Tests™ in the U.S. Because SAT Subject Tests are used internationally for a wider variety of purposes, we’ll provide two more administrations, in May and June of 2021, for international students.  

• Students currently registered for an upcoming Subject Test in the U.S. will automatically have their registration canceled and fees refunded.
• Students who are currently registered for, or plan to register for, an upcoming Subject Test outside the U.S. can still test through the June 2021 administration. Students who no longer want to take Subject Tests can contact Customer Service to cancel and receive a refund.

We’ve reached out to our member colleges and they’ll decide whether and how to consider students’ Subject Test scores. Students should check colleges’ websites for the most up-to-date information on their application policies.
We will also discontinue the optional SAT Essay after the June 2021 administration.

• Students who are currently registered, or plan to register, for an upcoming SAT with Essay will still be able to test through the June 2021 administration. Students who prefer to cancel the optional Essay portion of their SAT can do so in their online account, with no change fees, until the registration deadline.
• After June 2021, the Essay will only be available in states where it’s required as part of SAT School Day administrations. Students scheduled to take the SAT on a school day should check with their school about whether the Essay will be included.

Writing remains essential to college readiness and the SAT will continue to measure writing and editing skills, but there are other ways for students to demonstrate their mastery of essay writing, and the SAT will continue to measure writing throughout the test. The tasks on the SAT Reading and Writing and Language sections are among the most effective and predictive parts of the SAT.
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Juniors--Why you should continue preparing SAT/ACT.
Although many universities have already announced that for Fall 2021, they will go with “test optional” or waive the requirement of SAT/ACT results, if you do have a decent result to share, it could bring you some advantages  in the decision process. Without a standardized test result, we can imagine how difficult it will be for the Admission Committee to make the decisions. Therefore, if you have a decent result, it will make it easier for them to decide if you are academically qualified for the school and reach a conclusion.
 
Also, no standardized test result means they need to rely heavily on your official transcript. If you happen to be someone who didn’t pick up upper school works in time, then this might be at your disadvantage. A good SAT/ACT result can be a good support for your low or not that ideal GPA.
 
Younger Students
We know that the influences of COVID-19 will not just disappear but linger for a couple of months or even years. Therefore, prepare yourself early on after entering high school will be a better idea. Moreover, if you can have a satisfied score in junior or even sophomore year, then you don’t need to worry what would happen to later tests no matter it’s test format change or sudden cancellation. You can also plan your extracurricular life better to give yourself enough time and space to demonstrate your unique characters to the colleges to get a better shot. 

College placement test organizers, College Board and ACT.org just announced that all SAT and ACT tests are cancelled due to Coronavirus (COVID-19), till mid June.