I suspect that what Google calls a “core update” this time, which is said to take about three weeks, is actually more of a ranking fine-tuning rather than a true core update.
This update also doesn’t seem to be targeting fully automated AI-generated content. If it were, given Google’s technical capabilities, it should be able to identify such content, and we would likely see large-scale ranking fluctuations. After all, AI-generated content is still very widespread at the moment.