He is working for Sky as a commentator at races. Doing the occasional TV commentary is a lot less time consuming, is a lot less stressful, and allows a lot more family time, than driving for the #1 F1 team, against arguably the best F1 driver off all time in Lewis Hamilton
I think there is something to it but I think being a driver, especially as Hamilton's teammate, is all-consuming and super stressful. I think now he can do what he wants when he wants without much pressure. He seems to enjoy the spotlight so that's what he does.