An update deserves investigation, not a complete change of direction every time a graph moves.
Why updates attract attention
Whenever Google changes its ranking systems, it is tempting to explain every traffic movement with that one event. But traffic also changes because of seasonality, competitors, site releases, indexing issues and changes in demand. Attribution needs more care than simply matching two dates.
I would start with the affected pages, search queries, devices and countries. A broad loss across a whole site needs a different investigation from one page slipping for a single keyword.
Work from evidence
Before rewriting content, check for technical issues, accidental noindex rules, broken internal links or changes to canonical URLs. Then review whether the page is genuinely useful for the query and whether another result now does a better job.
Keep notes about what changed and when. Otherwise an SEO team can end up making multiple edits at once and lose the ability to understand which action mattered.
My take
I would rather maintain strong technical foundations and useful content than chase every discussion about an update. React to evidence, not panic. Search visibility should be earned through a coherent site, not a monthly reinvention.