That is the current version of Terraria on consoles. They use a different numbering scheme than pc. If you look at the wiki you may see other numbers like 1.21 - that is how Sony numbers releases (the developers doesn't really have a say on that). Most of the people editing the wiki seems to be on PS4, so for some reason that numbering scheme has stuck.
The version number you made a screenshot of is the developer's (Pipeworks) way of numbering releases, and should be visible on the start page on all supported platforms.
Currently the developer DR who ported 1.4 to Mobile is working on bringing 1.4 to consoles. You can follow that progress in the monthly SotG (State of the Game) posts on this forum. The latest one is here: Terraria State of the Game - December 2020