It is 100% the right call. There's enough going on in the world right now not to mention the breaking changes in PHP8.

Even Windows won't be supporting PHP 8. I'm not sure how that affects WordPress -- how many are on Windows Servers, but it's an issue for sure.

"We are not, however, going to be supporting PHP for Windows in any capacity for version 8.0 and beyond." Dale Hirt, Service Engineer Microsoft