I upgraded my app's React Native version from 0.63.2 to 0.68, Gradle plugin from 4.0.1 to 7.0.4 , I thought by using higher version of react native...
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You updated without looking at the changelog on each version.
It is recommended to upgrade regularly instead jumping several versions at once.
Now you'll need to dice through the changelogs of each taking notes about the possible impacts in your product.
Maybe they add some dependencies that may be needed or not. Maybe they recommend to stop using some deprecated thingy and you didn't notice so now you've both deprecated version polyfilled plus the new one and so on.
I can't help you in your specific use-case but hope that points you into the right direction.
Also I hope you got tests and that you run them to ensure the "all green" after such big upgrade.
Best regards.