Which host are the two 7.4 shops on, Combell still? Because on most shared panels the PHP version is a dropdown next to the domain, you pick 8.1, it takes effect in a minute, and you can flip it back just as fast if the site goes white.
So the switch itself is nothing.
What bites is the stuff nobody tested. Old snippets in functions.php, a custom shipping thing some freelancer wrote in 2019, that kind of code.
How I do it on the coffee shop: staging copy, run PHP Compatibility Checker across the plugins and the theme, then I set display_errors = Off and log_errors = On in the staging php.ini and place one test order through the whole checkout with a real payment method in test mode.
I'd rather read 40 lines of deprecation warnings in a log than one angry customer email.
I'm not sure Mollie 7.3.x even passes the scan, to be fair.