Hi Barb,
Backing up your iPad is done using iCloud or iTunes backups should be covered. I have iTunes version 12.13. on my Win 11 Pro PC and do not have any issues using the backup through iTunes.
Not sure about your statement "when I go to 'check for updates', iTunes is telling me that my version is the latest." Without additional device info I am not sure if that's iTunes or the iPad. Regardless, options to update either device is via the manufacturer of the OS the app/program is running on: PC = MS store. iPad = settings -> general -> update.
Of course, there are other options for making manual backups of your iOS devices using your PC. I personally use iCloud for the automatic backups and FoneTool for other incremental backups. Your iTunes backups do not include what is already backed up to iCloud. I do use it occasionally and have never lost anything with upgrades/updates to the OS itself or a new device so you shouldn't lose anything with setting up your new iPad.
I have never used any backups other than from iCloud for my iOS devices and that goes back to 2007 with my first iPod.
Depending what iPad you're using, it may not support the newest version of iOS. None of my iPods (old stuff there) support any updates when connected to iTunes. My iPad pro and iPhone pro backups with iTunes are shown on the attached screen print. I do it very infrequently since everything is already in iCloud but just happened to do the iPhone the 4st of this month.