This response on your link seems the most likely:
Although 5G adoption is spreading across the globe however Mobile operators
have consistently provided poor speeds especially in the growing economic
regions by using sub standard hardware to reduce TCO. In the post 3G era
subscribers were using 2G SIM cards which were finally replaced when 4G was
launched with a USIM. As per GSMA standards 5g can be adopted on Release 13
onwards to avoid compromising the security breach and for lower latency. We
will have to wait and see what strategies are used by different Mobile
Operators across the globe to give better user experience. As per GSMA
recommendation SIM needs to be 5G compliant as IMSI encryption is one major
change which has been observed over previous generations in SIM
authentication. A new 5G SIM card will be able to do so however on old 4G
SIM cards this feature was not present. Therefore it is recommended that
the SIM cards need to be upgraded to the latest version to avoid any
security breach of the user and to improve user experience.
So, 5G supports IMSI encryption, 4G SIMs do not. 5G IMSI encryption is
optional as far as the operator is concerned. At the moment it looks like
O2 and its virtual operators are enforcing a sim swap. Vodafone and EE not.
Don’t know about Three.