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Magento 2 : can I upgrade jQuery versions?

I opened the developer console and executed jQuery.fn.jquery and I get 1.12.4.

Why does Magento 2 uses the old version even though the latest version is 3.6.0?

I am running a pagespeed report on google page speed insights. It says:
Includes front-end JavaScript libraries with known security vulnerabilities

Can I upgrade jQuery version within Magento 2 to get rid of this?
Also what other packages do I need to upgrade along with jQuery?

What are the pros/cons of upgrading?