Thank you for the help everyone. I have updated the theme successfully. Since I had a child theme, the theme options weren’t affected.
I did test it this on a dev site first.
This seems like it will remove all my theme options? Will I need to set up all my theme settings and options again?
Also, this site is using a child theme of Enfold so I assume that will be effected as well. Does this change your guidance at all?
Maybe I can export my theme setting and import them into the new theme?
A note that everything else on the site is up to date, including WordPress. I do need to move from PHP 7.4 to 8.x still.