ARC QEMU fork as of today is based on the upstream v7.0.0 while upstream QEMU is now reaching v8.1.0, see https://github.com/qemu/qemu/releases/tag/v8.1.0-rc2.
For now, v7.0.0 is good enough (as that's exactly what's used in Zephyr SDK now), but I may expect Zephyr SDK to move to a newer version of QEMU (with new features and fixes for other targets) and it's good to be prepared for that.
As a side note, whenever that rebase is going to happen, please keep the current v7.0.0-based branch in place (moving it from master to some archived branch) so that we may still return back to it if needed for say comparisons of test results etc.