Hi,
I've done lots of things, of course including reboot, SMC reset, NVRAM reset, removing some plist files :)
I also requested support from Apple and got some remote assistance from Apple's staff, but they couldn't solve the issue. Now they are also investigating the problem. Anyway, none of the above solved my problem.
For me, the problem was very clear, as it was fine 10 minutes before the update, but the monitor stopped working as soon as the update was finished. After trying several TODO things, the Apple assistant understood what was happening and run a couple of programs to collect relevant logs on my Mac.
I've been Apple fans for many years and have been using MacBooks for those years, but this was the worst experience I've ever encountered. For me, this update wasn't actually an update, but a horrible disaster—the fact that my Mac is the newest one didn't help much.
The reason why I'm also writing here is to somehow escalate the problem with little hope of the actual Apple OS developer can start digging into the problem. The same monitor is working fine with iMac 27 inch model which runs 10.15.3
Now, because of the problem, I cannot use my external monitor, so I'm only using my laptop's screen. I hope Apple team can solve the issue and let me use my external monitor again.
Are you Apple staff? Can you forward this problem to the relevant team members?