Your updated ILM policy looks correct, and because the structure is the same (only the min_index_age values were changed), ISM will use the new policy.
However, existing indices do not automatically update to the new shorter timings. If an index has already passed the older, longer time, ISM will not move it based on the new age settings.
To bring the existing indices in line with the updated timeline, without restarting their lifecycle and without moving indices back to the hot nodes,
You can use the API command /_plugins/_ism/change_policy.
Go to
Index Management -> Dev Tools
Run the following command:
It simply updates the state pointer.
New indices will follow your updated policy timings (7 → 61 → 71 → 110 days) automatically.