A programming language itself is just an abstract concept, like a specification.
But implementations of programming languages are software, and as such have bugs that need to be fixed. PHP in particular is often used for web backends, where security vulnerabilities can have substantial impact. That a version of the PHP engine is “supported” means that the project commits to provide security patches or bugfixes for that version.
There is no real problem with learning how the language worked in a particular version. PHP did change in significant ways between version 5 and 8, but it's quite recognizably the same language and knowledge is transferable between versions.
However, you should ensure that any software that you use to process untrusted data, in particular any web servers that are accessible from the internet, should always be up to date.
There is also a social aspect of support in programming languages. A programming language does not just consist of the core implementation, but also of the wider community and ecosystem. Some libraries or tools might start using features that are not available in older versions, but might also rely on features that have been changed or removed in newer versions. Thus, there is a moving window of version compatibility. Usually, but not necessarily, the wider ecosystem tries to support at least the supported versions of the core language implementation.