As per statistics, PHP 8 handled 20.16% per second requests more than PHP 7.4. Also, PHP 8 is faster, with less coding, better typing, syntax, and type safety, making it the better choice. Moreover, PHP 7.4 is now out of support as of 28th November, 2022. So, if you want to upgrade PHP 7.3 to 8 or PHP 7.4 to 8, it is for the best.