Hi @Katelyn1,
The next ArcGIS Monitor release is scheduled for the end of Jan 2023. It is a completely new product with a new architecture and framework. Users familiar with current ArcGIS Monitor will find some capabilities have been redesigned in the updated UI/UX, providing an improved administrative user experience. I mention this because it is not a simple upgrade, but it users will have to transition to the new release.
If you are interested in learning about it now, please send me an email: dlaw@esri.com and I can add you to the ArcGIS Monitor early adopter holistic testing program.
Hope this helps,