Under your CPanel, Software, there is "Select PHP version". There is a drop down where you can select your version.
I have 5.6, 7.3, 7.4, 8.0, 8.1. You can flip in a few seconds between the versions yourself. If you go up to 8.1, test your site and see if any scripts aren't working. If it doesn't work, it's as easy as going back to what ever version you're at now.