Unable to upgrade RDS Aurora (MySQL 5.7) 2.11.3 to Aurora MySQL 3.x (MySQL 8.0 compatible) with Serverless capacity type

We have been exploring the upgrade path for our Aurora Serverless v2 clusters (MySQL 5.7) to Aurora MySQL 3.x (MySQL 8.0 compatible) and tried the snapshot-restore process, but there doesn't seem to be a direct upgrade option available of selecting the new engine version while restoring the snapshot with Serverless capacity type.

Listing down the steps that were followed for reference:

1. Created a snapshot of the existing database.
2. While restoring the snapshot, I only see one available version, i.e. Aurora MySQL 5.7 on which the cluster is currently when the Capacity type is Serverless.
3. I only get other available Aurora MySQL 3.x (compatible with MySQL 8.0) versions if I switch the Capacity type is Provisioned.
4. Also tried upgrading using AWS CLI and followed example steps from this doc), it does show the intended version as compatible versions as output but fails when restoring the snapshot with error ->

An error occurred (InvalidParameterCombination) when calling the RestoreDBClusterFromSnapshot operation: The engine version you requested for your restored DB cluster (8.0.mysql_aurora.3.05.0) is not compatible with the engine version of the DB cluster snapshot (5.7.mysql_aurora.2.11.3).

I also find it strange that if I try to create a new database, I do see an option to choose the new MySQL versions with Serverless v2 option, so it doesn't seem to be a compatibility issue.

Would really appreciate it if we could get some insights on what might be the problem here or if there are any know limitations with upgrading Aurora Serverless v2 clusters this way.

Thanks in advance!