cPanel ships with multiple versions of PHP though the configured version is normally not the latest and greatest. PHP 5 for example was the default version when PHP 7 was already available and comes with respectable improvements namely in the speed department.
You can switch the PHP version for your cPanel hosting to the latest available version (or any other installed version) from cPanel's dashboard.
Make sure your application is compatible with the PHP version you're switching to before making the switch.
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