We have changed the default PHP from version 7.4 to version 8.0 now.
Everything from 5.6 to 8.2 is available, anything older than 8.0 is no longer receiving security updates so should be avoided IF POSSIBLE but some older applications may not work with 8.0.
It is best to update those applications if possible, but if not you can use an .htaccess file to override the default PHP version. See: