With the bug impacting the recording of video on the two iPhone 14 Pro models, videos were coming out looking shaky, blurry, and basically unwatchable. The update will most likely be released as iOS 16.0.2.
This will be the second post-release update issued for the iPhone 14 line after iOS 16.0.1 fixed several issues including one that prevented users from connecting to an open Wi-Fi network. The iOS 16.0.1 update also exterminated bugs found in two important in-house Apple apps, video chat app FaceTime and the iMessage messaging app.
You can keep checking to see if the update has arrived on your iPhone 14 series model by going to Settings > General > Software Update.