I tested on one of my Azure databases, and indeed, I get the error 'JSON_path_EXISTS' is not a recognized built-in function name.
I am under the impression that updates are being rolled out over a period of time. So if you have a serverless database, it could be loaded to different machines at different occasions, and these machines could have different versions of the SQL Server executable, but this does not reflect in @@version.
I don't think the compat level has anything to do with it, because a new built-in scalar function does not need protection by compat level, as the name cannot clash with a user function.