Here’s a screen recording for reference:
Note that this option appears in P5js mode only.
If you are using HTML/CSS/JS mode, you can set the p5.js version by editing the script tag in index.html:
<script src="https://cdn.jsdelivr.net/npm/p5@1.11.9/lib/p5.js"></script>
Replace 1.11.9 with the version of p5.js you want to use.