Current generation WordPress regularly updates automatically with no issues, and I’ve seen no incidents with security updates for PHP either.
Unfortunately you need several of these to make any web site plus a theme, so yes, it happens.
If you have so many clients you know it well that you can't upgrade from php 7 to 8 without the site crashing. Well, unless you are really lucky.
For example because of latest updates to PHP 8 they have deprecated the $var{key} syntax - who the fuck uses that?! I did not even know it existed until some of my clients' websites crashed after I updated PHP.
It's an absolute minefield since we moved on to the PHP 7 branch. I am glad for PHP because the language sucked before because of how lenient it was. But it creates a lot of work for me.
This is not unique to WordPress, this is how most any software running on an interpreted language would behave if you updated the interpreter by a major version and did not update the software to a supported version.
Major version upgrades in PHP are the only time BC breaks are allowed, for example.