Message displayed on the wordpress as well
PHP Update Recommended
Your site is running an insecure version of PHP (5.6.40), which should be updated.
What is PHP and how does it affect my site?
PHP is the programming language used to build and maintain WordPress. Newer versions of PHP are created with increased performance in mind, so you may see a positive effect on your site’s performance. The minimum recommended version of PHP is 7.4.