I could only install R 4.0.5 version, but for R studio I could install R studio 1.1.463 version on my windows 10, Is that fine?
Yes, it is fine. RStudio is only an integrated development environment for R. For RStudio to work, you need to have R installed on your system. R and RStudio are installed separately; that's why they have different version numbers. You can use R even without installing RStudio.