If you notice a drop in your website traffic and ranking on Google search results, you need to find the reason for this. Check thanks to a Google penalty checker tool if you have any manual action messages from Google.
If yes you have been hit with a penalty. If not, you need to run a site audit to figure out what the issue is.
But remember, being hit by an algo update would only impact your ranking on Google search engine and not on the other search engines.
Note: To prevent your site to get hit by the next Google update, I suggest you take a look at my Google Page Experience update checklist as well as my how to improve your Core Web Vitals blog post.