Drupal 7’s EOL has been extended a year and is now November 1, 2023. And it might live even longer than that. By July 2023, the security team will announce whether they will extend Drupal 7’s support an additional year.
If you are still on Drupal 7, you have some more breathing room. Time to catch your breath a bit. But don’t use this extra year to lounge about and twiddle your thumbs. You have some important decisions to make, and once you make them, you need enough time to execute those decisions.