Before you decide it's an update, you should separate impressions from clicks. View combined impressions, clicks, CTR, and average position for each query in the Performance report, which compares two intervals of identical length. The tale of a search engine results page (SERP) layout is flat or up with a position kept and clicks down. A separate issue is that your impressions decrease as your position does, meaning you are matching fewer enquiries.
Stable rankings have a serious flaw in that they conceal your true page rank behind an average position. While an AI Overview, a video block, and an enlarged People Also Ask take up positions three and four, respectively, a page can occupy place four. While the pixels change, the number remains static, and CTR plummets. Pay more attention to CTR per inquiry than to position.
When you've separated the impacted enquiries by country and device, you may further sort them by purpose. That is the answer-box pattern, not your doing, if the informative ones lost clicks but the commercial ones held. A redesign on their part is required for a drop that resides primarily in mobile or a single market.
It is not a good fit for your symptoms, thus it is considered technical last. Impressions declining, rather than clicks, are the main symptoms of a crawl or rendering error. Personally, I think it would be more useful to pin the precise start of the drop with your own deployment history. Many reported issues with updates were really caused by changes to the templates or plugins that were released in the same week. Was it a sudden decline, or do you have a fresh start date?