PHP 7.4.x security support ends in a month -
https://www.php.net/supported-versions.php
XC5 at its current stage is not PHP 8 ready and the new XC5 is not even close to being released (I suspect) and even if somewhat ready it will be a major upgrade. So lots of breaking changes, waiting on 3rd party modules, bugs, etc.
You should get new host right of way if the current one won't allow you to continue using PHP 7.4.x.