What's the difference between variable binding and assignment?

The code you showed works. However, we usually try to reduce the number of single use variables. So, the “Elixir way” of writing that code is

var1 = 
  123
  |> get_new_value(:something)
  |> get_new_value(:something2)

Furthermore, if it was the last statement in a function, then we would drop the var1 like this:

def my_fun do
  # ...
  123
   |> get_new_value(:something)
   |> get_new_value(:something2)
end