insight - PowerShell proper setup

Hello, been using Windows 11 for few months since MS will be ending support next year windows 10 by far is better. Anyways I was wondering why there are different versions of Power shell windows 11 came with 5.1 or 5.2 i downloaded power shell 7.1 now it seems that power shell has two different versions installed is this true? what is the proper way to have power shell setup / updated and ready to use? I know there are new features and what not but just want to make sure it is setup correctly on my system for example updating Power shell 5.1 with latest command updates does not install power shell 7.1 why is this , is it a entire new module?

Having PowerShell 7.x and the classic Windows PowerShell 5.x is perfectly fine. They are separate things, and which one you use depends largely on what you're doing. They're mostly the same, but there are slight differences. For example, we have some scripts at work that use Write-EventLog; this does not exist in PowerShell 7, so those scripts have to be run under Windows PowerShell until we get around to updating them.

PS 5.1 & 7 are designed to co-exist side by side, for the same reasons why you may have both .NET 4.8 (4.8.1) & .NET 5 installed for compatibility. PS5 remains "powershell.exe", while PS7 is "pwsh.exe".

They do keep separate lists of installed PS Modules, but PS7 can run any PS5-compatible modules.