See the v3922 version for the essence of what you will see once the build service is removed. The Simulate tab will still be there and the Test tab (for use with App Preview) will still be there. As well as the export to PhoneGap Build and Cordova CLI feature.
I am not clear on what you mean by the phrase "will use the creating and testing hybrid projects" -- do you mean can a user of the Intel XDK still create and test Cordova apps? Or do you mean something else? Please see our release notes for full details and this thread for additional information..