It was announced at DrupalCon that Drupal 7 support was being extended one final time until January 2025.
But if you have a Drupal 7 website, does that mean you should wait to start upgrading it?
I recommend starting the process as soon as possible.
Even though Drupal core support is extended, I've looked at projects that use modules marked as unsupported by their maintainers for some time as they focus on versions for Drupal 8, 9 or 10.
In that case, those modules will have no new features, bug fixes or security updates, although Drupal core support has been extended.
You may have a lot of custom code that needs to be ported to Drupal 10 or a complex data structure that needs to be migrated, These things will take time, so it's best not to leave it until the last minute.
I'm an Acquia-certified Drupal Triple Expert with 17 years of experience, an open-source software maintainer and Drupal core contributor, public speaker, live streamer, and host of the Beyond Blocks podcast.