According to the iOS 16.2 Release Notes, the upgrade to Home architecture should bring improved reliability and efficiency of communication between your smart home accessories and Apple devices. However, some users have been unable to update the architecture encountering an issue where devices are stuck configuring. Others have encountered issues with non responsive devices, failed invitations to share Home, and more.
It's unclear if Apple will be able to resolve these issues remotely or whether a software update will be required to address them. Developers have already been seeded with iOS 16.3 beta, so perhaps we'll see some bug fixes in the next beta, likely arriving after the holidays.