I'm not super knowledgeable, but my understanding is that ITER was designed around the best superconductors known at the time, which meant making the whole thing really big.
A benefit of stronger magnets is that you can make it a lot smaller, and presumably cheaper -- which is what MIT has been working on with SPARC.
I don't know if it's practical to upgrade the magnets on ITER, but I'd expect it to be really expensive -- especially if they've already manufactured/installed the old magnets.
It means nothing for ITER unfortunately. Changing the toroidal field strength implies a totally different plasma size, density, temperature, everything. ITER isn't designed for this strong of fields and the plasma they would confine.
ITER is also supposed to be the final step before a commercial reactor. If SPARC works well and they can keep the pace they're at to make ARC, then ITER might be a dead-end in that regard, no?
Iter's is supposed to have a successor, DEMO, which would be the final step before a commercial reactor. It is doubtful whether DEMO will ever be built.
We already have enough experience that makes ITER obsolete.
Newer designs will have a much thinner central column and stronger magnets, resulting in much better confinement. And high-temperature superconductors will an order of magnitude cheaper.
Right now, ITER is still needed to get information on plasma properties at the temperatures required for fusion.