Yes. That’s always the case.
Virtualmin will not offer fcgid as an option on CentOS 8. Or, at least, it shouldn’t. If it does, that’d be a bug. So, unless you’re doing something manually, you aren’t using suexec.
Permissions are always the same, no matter what kind of execution mode you use, as long as it is a mode that executes as the user (and in a shared hosting environment, you should never use any mode that doesn’t run as the user). Permissions are no different for PHP-FPM, FCGI+suexec, or CGI+suexec.
SELinux is not related to this in any way, and SELinux is disabled in a default installation (Virtualmin can work with SELinux with a few booleans switched, but most users can’t cope with it…it’s too complicated, too opaque, and many problems that arise are unidentifiable and unfixable without root privileges).
In short: The message means FCGI+suexec or CGI+suexec execution modes are unavailable. That isn’t a bad thing. You do not need those modes. You have PHP-FPM. Apps in other languages will require running under an app server (rather than, e.g. CGI), but that’s already the recommendation from every modern web app.
That’s all it means. Don’t make it complicated. You have PHP-FPM. PHP-FPM is always the recommended way to run PHP apps, even when suexec can run things in /home, so you don’t need to care about it. On CentOS 8, we no longer recompile Apache to change the suexec_docroot to /home. On Debian/Ubuntu there is a suexec-custom package that allows configuring suexec_docroot; RHEL/CentOS does not offer such a package, so the only way to make it work with /home is to recompile…but, it does not matter, because you don’t need it. PHP-FPM is all you need.