Update from the 26th of November 2021
Older versions of PHP are still running fine even though they are not being maintained anymore. Security issues aside, the language and its runtime evolved significantly. The amount of work that went into the massive standard library and the core removed some of the major hurdles of the language.
PHP has a massive developer community backing it and its major frameworks such as Symfony and Laravel or its major platforms such as Wordpress and Shopify still help shape the future of the language today.
Subsequent improvements to operations caching, pre-compilation, JIT, Zend, the type system and more made the language even more powerful that it was then. To hoping that this tends continues for the forseeable future!