@Josh Donner To add to what Dillon kindly shared, we will still continue to provide the 7.4 image on App Services. This update is mainly saying that we will not be providing any further updates or patches to the particular branch and that you will need to eventually migrate over to a supported branch to remain secure and receive bug fixes.
There should not be any issue with waiting a few weeks to upgrade your application. If you wanted to wait 1-3 years to upgrade, that would be a different discussion, but we still offer the older stacks for some time. This is confirmed here, where we state, "Extended support for PHP 7.4 will end on November 28, 2022. After this date, your applications will continue to run, however any application hosted in App Service targeting PHP 7.4 will be out of support and at risk of security vulnerabilities that remain unpatched."
This is not an official statement as the actual SLA terms and conditions might state something different, but I worked as a support engineer for App Services for 3 years and we worked to assist customers regardless of your stack (support engineers never help with debugging your application code either so as long as you can support your older 7.4 app code, the support engineers will do their best to help support the app services platform and assist you to the best of their ability until you have migrated).
Let us know if you have further questions or concerns.