Bump to Jest 27 for unit testing

[trivikr]

Is your feature request related to a problem? Please describe.

Jest is throwing out of memory error while switching to root TSConfig in clients #2864 (comment)

This issue was faced by several users of Jest. The issue disappeared for users after switching to Jest 27 jestjs/jest#9980 (comment)
Jest 27 was released on May 25, 2021

Describe the solution you'd like

Bump Jest to v27

[trivikr]

The attempt to bump jest to v27 was discontinued after the efforts to workaround the globalThis not defined error were not successful.
Discussion: #2869 (comment)

This issue can be revisited when we end support for Node.js 10.x on 2021-12-31.

[github-actions]

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