Tools that are not available in ArcGIS Pro: Import CAD Annotation.
https://pro.arcgis.com/en/pro-app/latest/tool-reference/appendices/unavailable-tools.htm
Why? Are we getting this back at some point?
(semi-related to my idea post: https://community.esri.com/t5/arcgis-pro-ideas/add-cad-dwg-file-to-arcgis-pro-match-the/idc-p/1275647 )
Changes to how Pro handles CAD data now are covered in the help topics, which may answer this and other questions, for example
Convert Labels To Annotation (Cartography)—ArcGIS Pro | Documentation
and more generally
What is CAD data—ArcGIS Pro | Documentation
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