Hello Abhishek Sinha,
Thanks for your question.
If the minimum API version for APIM is turned off, APIM will use the most recent stable version available.
See here for further details: https://learn.microsoft.com/en-us/azure/api-management/breaking-changes/api-version-retirement-sep-2023
If you want to upgrade your API version to a stable version like 2022-08-01, I recommend you test in your lower environment first and remember to test using the API version you want to use before rolling out to your higher environment.
Please let me know if you have further questions
You can mark it 'Accept Answer' if this helped.