Yes, that's the unfortunate reality. CWP's internal PHP version is locked to 7.2.30 -- but this is only for their internal services (ports 2030, 2031, 2083, 2087, 2095, 2096). It would be better if they could get onto 7.4 for internal use or best if they could get onto a supported 8.x branch.
https://endoflife.date/php But I suppose their goal is to have a static, predictable PHP version that performs identically across systems. Hard to know for sure without code review that isn't possible with IonCube encoded PHP files.
You can set the system-wide PHP version, including the CLI as Cyberspace described.