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Your issue won't be with PHP, it will be with wordpress itself if it's an older version + whatever million plugins you have installed for it. You don't even get the common courtesy of a human being hacking you anymore, it's just bots doing it at this point. If you are running PHP 5 or PHP 8 it won't make a difference if your code has exploits.
The PHP version is largely irrelevant - I know alot of people are all worried about EOL on PHP 7 and so forth but the concern with these older PHP versions isn't that your site will get hacked - anything exploit that comes out for older PHP is very likely to be something that requires local access to the server to begin with rather then something that can be done remotely. There's still sites running PHP 5.2 out there and not getting hacked.
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