Safari and Spotlight not working properly after Catalina 10.15.7 update

After updating MacBook Pro from Catalina 10.15.6 to 10.15.7, Safari started lagging, freezing, and I'd have the spinning wheel until I needed to force quit. Same poor performance applied to Spotlight, which resulted in an endless spinning wheel.

To attempt to fix the issue with Safari, I cleared browsing history, cleared the cache, restarted the computer multiple times, but finally needed to recover from Time Machine back to Catalina 10.15.6 for Safari to work properly again.

FYI to Apple and to those who are experiencing this issue.