You might have noticed a notification that says “Your site is running an insecure version of PHP (7.2.34) or (7.3) which should be updated” on the initial screen of your WordPress website dashboard. Updating into newer versions of PHP will help to improve your WordPress site’s overall performance and security. The minimum recommended version for PHP is 7.4.
PHP Update Recommended – WordPress notification
Benefits Updating the PHP Version of Your WordPress Site
Website will be faster – up to 3 or 4x faster for older versions.
Better security – Help to keep your WordPress site secure.
A faster WordPress website will improve user experience, also helps to improve search engine ranking.