As title, Will this mod be updated to 1.21.5 and later versions?

Looks like the answer is no.

I'm not related to the mod in any way, so take this with a grain of salt, but Effective makes use of several libraries that aren't updated to 1.21.5, and a LOT of rendering code has changed over the past few Minecraft versions, so I imagine it will be a while before the rendering libraries update, especially if they're focused on adding features rn. I hope that it gets updated one day as well, but in the meantime, there are a ton of particle effect mods on Modrinth. I recommend checking out Particle Tweaks, Particular (the 1.21.4 version works on 1.21.5, afaik), and Effectual!

Use Wakes mod for when you get on a boat.