Shouldnt a managed WordPress use the latest versions of PHP, MySQL etc?

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Ive only ever created one site so far, and i did that with LocalWP before uploading to my hosting provider, who provides a 1-click installer.

I was surprised though, that both the PHP and MySQL seemed to be multiple versions behind the newest. I recall it being the oldest with LTS support.

Shouldnt a managed WP be using newer versions? Dont see it possible to change on my end.

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Bonus question:

Shouldnt sites also not be using the latest WP? Like, even if they dont need extra functionality etc, i thought it would be more secure and perform better, but its not uncommon i see version 5.x being used on pages, when i check with this browser plugin:

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[Isnt 5.8 old by now?])

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