We recently had to disable changing the PHP version and the PHP INI editor in cPanel because of some errors that caused issues. After some core changes in the back end and help from cPanel, all the bugs are fixed, and it's working perfectly again.
Changing your PHP to the latest version possible is always a great idea. Each new version of PHP brings performance and security improvements that will help your website be better.
Having control over your own PHP version and INI file is particularly helpful because you can change PHP version or settings and simply change back if they have an issue. The old way was to add a ticket which can leave the leave site not working for the amount of time it takes for us to see the ticket and change it from our send.
You now have total control over the PHP version and most php.ini settings.
TIP: When changing PHP versions, wait at least 60 seconds and then click refresh. PHP changes take about a minute to be active, and sometimes it takes a couple hard browser refreshes (hold the control key and click refresh in the browser) for it to show the changes.