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About a year ago, there was a robust discussion in this forum regarding the version of PHP that needed to be used. In that regard, this article dated June 22, 2018 is worth reading.
Worthy of note is the fact that over 1/3 of all Wordpress sites are already under security risks and another 2/5 websites will included into the same risk at the end of this year. A staggering 3/4 of all Wordpress sites.
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Thanks for posting this Ben.
The main problem is that too many people are building sites now, that have no idea and often could not care about such things. One only has to read posts in the Muse forum since the EOL announcements, to realise that many website creators don't know what they are doing.
Wordpress, (and other open source cms's) will always be a target for those wishing to do damage to sites. Especially when a site is not updated on a regular basis, because just like many Muse sites, they are too often 'create and forget' sites as far as the code goes, for both the sites creator and the sites owner.