Thanks for the question. You're correct, Managed pipeline version is for IIS pipeline versioning. The default is Intergrated but you can set it to Classic if you have a legacy app using an older version of IIS.
Here is how you can set configure it in the portal
Hopefully this document can answer your question: https://learn.microsoft.com/en-us/dotnet/azure/migration/app-service
If you want to learn about Integrated vs Classic check out this blog post.
Hope that helps. Please let us know if you have further questions
Thanks,
Grace
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