In Android Studio 4.0.1, Help -> About shows the details of the Java version used by the studio, in my case:
Android Studio 4.0.1
Build #AI-193.6911.18.40.6626763, built on June 25, 2020
Runtime version: 1.8.0_242-release-1644-b01 amd64
VM: OpenJDK 64-Bit Server VM by JetBrains s.r.o
Windows 10 10.0
GC: ParNew, ConcurrentMarkSweep
Memory: 1237M
Cores: 8
Registry: ide.new.welcome.screen.force=true
Non-Bundled Plugins: com.google.services.firebase