Emotion 11 has been released as well: https://github.com/emotion-js/emotion/issues/1606. It also has support for the new JSX transform.
I think it would be great to update both Emotion 11 and React 17 at the same time to avoid extra work.
Also, I think we should do that before we invest time in the Move all CSS to the head issue because the location of those APIs changed in Emotion 11.
And finally, as we are going to invest time in configuring the Emotion cache for that issue, I think should also take a look at a problem with Emotion that the DevRel team has documented in our docs because they are proposing to import directly the Emotion’s cache APIs using direct Emotion imports. Which by the way are going to break as soon as we update to Emotion 11 so that fix is not going to backward compatible