Sometimes, even after a recent update to Xray Cloud, you might still not be using the latest version of the App. Very likely, the version your instance is using is not the latest one, but the one before.
This happens because every time we release a new version, there are two potential update components: the logic of Xray's features and Xray's UI management sections (addition/removal/update) inside Jira (for instance, a new menu entry, a new dialog, a new data panel, etc.).
Now, the first is controlled by us, and it was already run for all our instances that have Xray installed; Jira controls the second one, and it is correspondent with the version you are seeing.
This second update may take several hours to be properly propagated from the moment we publish the update, and from there, we have no control over it. As such, if this is happening to you, what we suggest you do is open a support ticket with Atlassian so you can understand why didn't your instance got that update component yet.