Google is all set to stop accepting 32-bit apps on the Play Store from next year. Ahead of that, the company is in the process of transitioning its own apps to 64-bit. With the release of Chrome 85 later this year, Google will be installing a 64-bit version of the browser on all devices running Android 10 or higher.
With Chrome 85 being a full-fledged 64-bit app, it will bring a number of performance and security improvements to the table. A quick comparison of Chrome 83 stable which is still a 32-bit app and Chrome 85 Dev 64-bit in Octane 2.0 benchmarks shows a notable jump in performance -- 15515 vs 16785. Google is also doing an A/B testing with the 64-bit version of Chrome Beta 84 on some devices. You can find the version of Chrome running on your device by going to chrome://version.
Google had added 64-bit support to Android OS itself with the release of Android 5.0 Lollipop back in November 2014. At this point, almost all Android devices ship with a 64-bit processor as well. However, Google and many other developers continue to offer a 32-bit version of their app on these devices leading to a loss in performance and security lapses.
The stable build of Chrome 85 will land in late August, though there's always a possibility that Google delays the rollout of the 64-bit flavor of the browser on Android for some reason. You can install the latest version of Chrome Dev to get the 64-bit version of the browser on your device.
Source: Android Police