Hello @IT Admin ,
Welcome to the Atlassian Community!!
As of now Jira supports 2 levels of cascading out of the box. Atlassian has feature request on this. I would suggest you vote and add yourself as watcher so that you will get notification for any update on request.
But there are many third-party plugins available on Atlassian Marketplace to have 2+ level of cascading.
Regards,
Mayur
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