I am currently running my Fairphone 5 on FP5.TT3P.A.112 and I do not get any update notification for the more recent updates:
FP5.TT3Y.A.127
FP5.TT40.A.131
Those two system updates were released but they don’t show up for me. When I manually search for new updates by accessing “Settings” => “System” => “System update” it displays “Your system is up to date”. Last check a few minutes ago.
You might want to name your network/provider. Once in a while an update is held back for users of certain networks because there are still remaining compatibility problems with those.