I too have had this question about the actual render engine being improved, speed-wise. Previously, when 3D apps were updated, they'd always show you have the engine has been optimized to give a 20% speed boost or something like that. This meant on your existing system, you should see a speed improvement, but I have never seen Corona announce that the engine's speed has been improved, just new and improved features. I'm not complaining about Corona as I do love it, but it would be nice to hear the v12 engine is 15% faster than v11. Having said that, there is never a good reason not to be running the newest version of Corona. You are paying for it, why not use it?
As far as render farms go, you need to check with each one to see who can render Corona and up to which version. You also need to think about any plugins you need for output. I haven't used a farm with Corona, but there are many out there. Here is a link from their site.
https://www.chaos.com/render-farms?product=chaos-corona&country=