Is it safe to install a Laravel Package that requires a lower PHP version than what you have installed?

I've found a Laravel package for a local SMS API I plan to use for my project. Upon install however, this appears:

 [InvalidArgumentException]
  Package creatvstudio/itexmo has a PHP requirement incompatible with your PHP version, PHP extensions and Composer version:  
    - creatvstudio/itexmo v0.2.4 requires php ^7.1 which does not match your installed version 8.0.1.

The PHP versions declared on my composer.json file are:

"php": "^7.3|^8.0",

I've read on other forums that I could simply update the json file with the ^7.1 PHP version requirement. I've also read about the use of --ignore-platform-reqs attribute to avoid the errors, however, before trying them out, is it safe to do so? Will doing this lead to any complications to the system in the near future?

Thank you! Note: Fairly new to Laravel, packages and APIs.