They now have a latest version as 5.32

They actually also provide perl-5.36.1 and perl-5.38.0 releases at https://github.com/StrawberryPerl/Perl-Dist-Strawberry/releases:

strawberry-perl-5.36.1.1-64bit-PDL.zip
strawberry-perl-5.36.1.1-64bit-portable.zip
strawberry-perl-5.36.1.1-64bit.msi
strawberry-perl-5.38.0.1-64bit-PDL.zip
strawberry-perl-5.38.0.1-64bit-portable.zip
strawberry-perl-5.38.0.1-64bit.msi

AFAIK, they will all (as well as 5.32.1) work with your "later version of Windows".
I recommend the ".zip" versions as they will operate independently of other perls installed on your machine ... unless you take steps to make it not so.
Basically, just download the zip, unpack it to some location, and execute "portableshell.bat" (which is in that chosen location).

If I upgrade the perl version, will modules that have been added to the basic distribution, be lost?

Pure perl modules will still work, but those modules that required compilation of C and/or XS code will not be compatible with the new version.

Cheers,
Rob