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My IONOS website created using Wordpress and PHP version

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A couple of years ago I created a website on IONOS using Wordpress and the other day I received an email from IONOS saying “Your PHP version is out of date”. I haven’t made any changes to the website for a couple of years, and I realised that WordPress was quite out of date. Therefore I upgraded WordPress to what I believe is the latest version 6.1.1-en GB. And I installed a Plug-in to determine what version of PHP was running and it states it is 7.4.33. 
Therefore, has an upgrade of PHP already occurred? They say if I don’t do anything by the 2nd of April, then they’ll start charging over £7 per month.if I need to upgrade PHP further, can somebody please advise how I go about this?

Many thanks for reading.

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