I don’t have a hover effect

Full Hover functionally is only available to 2022 models of iPad Pro (i.e., the fourth generation iPad Pro 11” and sixth generation iPad Pro 12.9”). The 2021 models of iPad Pro only have access to the Accessibility hover functions* - as enabled from iPad settings:

Settings > Accessibility > Hover Text

This functionality is documented within the iPad User Guide. Here is a direct link to the associated page of the Guide:

Preview tools and controls with Apple Pencil - Apple Support

Apple do invite submission of comments and feature requests via its Product Feedback portal. If you would like to see full hover functionality or other software features made available to earlier iPad models, this would be the most appropriate channel through which to make a request:

Feedback - iPad - Apple

(*) It is interesting to note that the Accessibility Pencil Hover functions appear to have been suppressed with release of iPadOS 16.2 and later. As such, this implies that access Hover functions, for 2021 models of iPad Pro, are purely an imposed software limitation.

Hello! The Apple Pencil hover feature is available only on the latest iPad Pros from October 2022 or (6th generation). To check your iPad model go to Settings > General > About and see the Model Name.

You can use Apple's trade-in program or sell your current

iPad privately and put those funds towards the purchase of

a later model iPad.

Apple Trade In - Apple