I figured out a few things but don't have an answer. I'm on an iPhone 12 Pro Max running iOS 15.1. When the phone is connected to wifi, it's SUPER SLOW. It will connect to wifi but websites and social media take a really long time to load. It will show me that my home pods and other home kit items are playing music/running, but won't let me control them from the phone. It just shows "trying to connect." I remember having this issue about a year and a half ago and I figured out if I turned off the "Private Address" setting, everything would start working again.
On iOS 15, when I turn that setting off, the phone completely disconnects from wifi, and the "trying to connect" symbol just spins forever. After a few hours of that, the phone will automatically turn the private network setting back on, reconnect to wifi, and the process starts all over again.
Hopefully, they get this fixed because it's pretty frustrating.