If your host doesn't use cPanel, don't worry. Many hosts provide custom control panels with similar functionality. Look for options like "PHP Settings" or "PHP Configuration" in your hosting dashboard.  If you can't find it, reach out to your host's support team. They'll be able to guide you through the process or even update it for you.

Updating the PHP version can significantly improve the performance of your WordPress website. Each PHP version improves performance by more efficiently running processes and reducing memory usage. This impacts your WordPress site speed by making it faster and reducing the load on your server. WordPress is developed using an open-source programming language called PHP. At the time of writing this article, it requires at least PHP version 7.4 or greater. The current stable version available for PHP is 8.2.10. Most WordPress hosting companies use PHP versions 7.4 or higher to meet the minimum

Yes, updating the PHP version on your site offers many benefits including enhanced security, improved performance, and new features. It also ensures continued compatibility with new WordPress versions and your installed plugins and themes.  However, always check compatibility with your themes and plugins before updating. And remember to back up your site before a major change.