How do you explain this graph?

Single keyword, past 16 months. Where the ranking dropped, I updated the whole page.

But why the views went up, when rankings dropped? If this was for single URL, yeah then I would just be ranking for more keywords, but this is just single keyword so it doesn't make much sense.

How long would you wait until reverting back to old content?

If it's just one keyword then you're more interested in the ranking. So you aren't really interested in the impressions. But there is a nuance. Maybe it's high fluctuation on high traffic keyword. a keyword with millions of searches per month would bring in a lot of impressions. Maybe the high volatility took you to page 1 a few times causing huge spikes in impressions, while the new content was tested. Leave it a little more to see if the impressions continue to rise. maybe this points to the keyword moving up slowly.

Your rankings dropped, but views went up—this can happen for a few reasons:

1. Google is testing your updated content – Sometimes, after a big update, Google reshuffles rankings temporarily. Even if you lost rankings for your main keyword, you might be gaining traffic from other related queries.
2. Increased CTR (Click-Through Rate) – If your page title, meta description, or content structure changed, it might be leading to more clicks even at a lower rank.
3. SERP Feature Changes – Your page might be appearing in featured snippets, related searches, or other Google search features, which could boost impressions.
4. Different User Intent Matching – The new content might be ranking for slightly different search intents, bringing in more visitors but not necessarily for your main keyword.

Should You Revert Back?​

• Wait at least 3-4 weeks to let Google fully process the changes.
• Check Search Console to see what queries are bringing traffic.
• Compare engagement metrics (bounce rate, time on page) to see if the new content is performing better.
• Test Partial Reversions – Instead of reverting the entire page, try restoring only sections of the old content and monitor changes.

If after a month traffic keeps dropping or engagement worsens, rolling back might be worth considering.

I agree with @SunnyLeon.

By views you mean impressions right?

Even if ranking goes down but keyword gets more searches, impressions go up.

I would not revert the content just yet. Give it few weeks.