This update does NOT require your intervention and does not involve any downtime.
New Features
🆕Recommendation: Guests Can Share Items they Don't Own
This setting allows guests to share items within SharePoint or OneDrive that they do not own, potentially leading to unauthorized distribution of sensitive information. By default, this option is set to Allow which is considered a bad practice.
It is recommended that this setting be reversed to prevent guests from re-distributing content, leaving this responsibility with internal users only.
🆕Recommendation: Workspaces with an Unsafe Default Sharing Link
The default sharing link type set for a workspace can greatly impact your organization's data sharing and security policies. It is recommended the default link type is set to 'People with Existing Access'.
This choice is a safer default option and helps avoid accidental oversharing due to the common practice of users rushing through the sharing experience. 
🆕Recommendation: Workspaces with No Container-Level Sensitivity Labels Applied
Sensitivity labels from Microsoft Purview Information Protection let you classify and protect your organization's data, while making sure that user productivity and their ability to collaborate isn't hindered.
This best practice can help to define and enforce privacy, external user access, external sharing, access from unmanaged devices and more.
Improvements
- Workspace Directory Viva Links: Viva Engage communities in the Workspace Directory will now link to the community by default, rather than the attached SharePoint site.
Bug Fixes
- Community Site Guest Policies: Fixed an issue where a converted workspace template could be turned into a Communication site and still apply unsupported Guest Policies.
- OOTB Banner Web Part in SharePoint Pages: Fixed an issue where Live Templating of sites containing Pages with the new Banner Web Part was failing to be applied to SharePoint Pages.
- For the time being, Orchestry will clone existing sites but will be removing the new Banner Web Part from cloned Pages to ensure the cloning process can complete successfully. For (non-Home) site pages that contain the Header, we will flip the header back to the previous style available in SharePoint Online (prior to the new banner web part implementation).
- This is related to Microsoft Roadmap item 386905.
- Guest Review: Fixed an issue where some customers could not complete a Guest Review.
- Nightly Crawl Fixes: Fixed a number of isolated issues affecting a tenant's nightly crawl.