Update to JG 3.7 Maintenance Release php question

Hi, I'm running JG 3.6.2 with PHP 8.1.2-1ubuntu2.21, and before I upgrade to the 3.7 Maintenance release, am I going to have issues running my site because I'm running an older version of PHP? Or, can I update PHP to the latest version and upgrade to 3.7 without issue? Which do I do first?

Thanks for the quick reply. I'll give it a shot, but I'm going to back up my VM first and will report back here if I have any issues.