I can shortcut the %>% version using Control + Shift then 'm' on my keyboard. My question is can I / should I change this shortcut to use the new pipe version |>? If so how?
You can change CTRL + Shift + M to the new pipe by selecting the menu Tools -> Global Options, clicking the Code icon on the left and choosing the Editing tab in the dialog. There is a check box for Use Native Pipe Operator on that tab.
The menu Help -> About RStudio. There is a button labeled Copy Version which will put a lot of information about your RStudio version on the clipboard.