Is there any limitation and compatibility about API version?

Right now Istio 1.7 requires Kubernetes 1.16+. This is the first time Istio announce this kind of compatibility about the platform. I was wondering does the API version of configuration have the same limitation? such as
apiVersion: networking.istio.io/v1alpha3
It can be support for new Istio or not? Shall we need to change to v1beta1?