This is date till when the current version of Shopify Admin Api will be supported. See the Shopify release details here: https://shopify.dev/docs/api/usage/versioning
Latest version of connector uses supported version of Shopify Admin API. If you upgrade as normal everything will be fine.
Why do we have this UI element?
There were cases when customers stuck with old version of Business Central (I assume they had some upgrade issues) and they continued to use Shopify connector with unsupported Api. These resulted app marked as outdated in Shopify Admin for all customers. That's why we now introduced hard block for old versions.
As we have hard block, we also had to introduce some way for user to see what is going to happen, that's why there are new field and notification.
https://shopify.dev/docs/api/usage/versioning
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