Here are some comparisons of Evernote Presentation and Dropbox Paper Presentation Modes. Evernote is on the Right, using the middle font size, and DropBox Paper is on the Left.
Some Key Differences:
On Dropbox, you cannot change the font size - all you get is the header and then a standard font size - which you can make Bold - but that's about it. On Evernote, you have the 3 different presentation font sizes that you can select right in the presentation mode - which is useful as it doesn't require making edits to the original note.
Evernote turns your mouse into a colour laser-pointer - dropbox just has your mouse
Both can switch easily between dark/light modes
Dropbox Paper can be accessed from a browser - meaning you don't need your own computer with Evernote installed to access it- this seems useful for lecture, as you could just lecture from the computer in the classroom, from an iPad, etc. Evernote originally had presentation mode on the mobile app but removed it (and early sign that presentation features weren't going to be a priority).
Evernote is superior for sharing your notes with students, but it can still be accomplished with Dropbox. You can provide a share view only link, you could make a copy that would be a regular word document and place in a shared folder on dropbox that students have access to. I prefer Evernote here where I can create a shared notebook - I usually had two notebooks per class - one for my version of the lecture notes and then I would copy my lecture notes into the Student shared notebook (public) and sometimes make a few changes (remove announcements, take out some pictures to make the note file size smaller, etc.). This seems like it would not work as seamlessly in dropbox paper, but wouldn't be impossible either.
Copying your notes from Evernote where you have previously presented them and pasting them into DropBox paper preserves the slide breaks you inserted in Evernote! In Evernote, when looking at the note in note form, the breaks are not visible (preferable option), whereas in DropBox paper, the breaks show up, so every few lines you have a line across the page (less preferable). But, in terms of taking old lectures/presentations from Evernote and transferring them to Dropbox Paper, it is nice that the line breaks remain. Of course, if you upgrade to the new Evernote and lose presentation mode, then those breaks will probably disappear and certainly won't be there for any new notes created in Evernote post-presentation mode being available. In DropBox, you just add a "section break" and that will work as a line break in presentation mode.
Evernote presentation mode long ago lost it's nice presentation font - and the issue was never fixed - (again, early sign that they weren't going to keep it). The font for dropbox paper is more visually pleasing, but you still don't have options when it comes to presentation mode. For formatting text, you have the options of bold, italic, underline, strike through, highlighted, bullet points. For font size, you have Heading 1, Heading 2, and regular - but it would be a bit annoying to create your whole document in something like Heading 2 just to have a larger font size during presentation.
Dropbox Paper doesn't get my CPU going the same way that Evernote presentation mode does - so that's another bonus, especially if recording lectures from home during COVID - as sometimes with Evernote presentation mode the fan on my computer would really get going - to the point that it was audible in the video recording. I wonder if this issue may be part of the reason that they removed the feature.
Anyway - it's not ideal, but it seems that Dropbox Paper might be the best option going forward until someone makes something better. With. just a few tweaks to Dropbox Paper it could indeed surpass the original functionality of Evernote Presentation Mode, and with presentation mode gone, it's obviously better than nothing if not running legacy mode.