After the recent update to iOS 16.1 my phone keeps loosing connection from the WiFi. It then reconnects only to lose connection once again. How do i fix this issue or uninstall the last update?

Optimize the range of the mobile network, see this Apple article:

If you see No Service, Searching, or SOS on your iPhone or iPad

If you see No Service, Searching, or SOS on your iPhone or iPad - Apple Support

See the following Apple articles:

Connect to Wi-Fi on your iPhone, iPad, or iPod touch

Connect to Wi-Fi on your iPhone, iPad, or iPod touch - Apple Support

If your iPhone, iPad, or iPod touch won’t connect to a Wi-Fi network

If your iPhone, iPad, or iPod touch won't connect to a Wi-Fi network - Apple Support

Check the router settings -> Recommended settings for Wi-Fi routers and access points

Recommended settings for Wi-Fi routers and access points - Apple Support

If they are On, turn Off Hotspot & VPN.

Check your WiFi Router / Modem for --> Recommended settings for Wi-Fi routers and access points ...

I have the same issue, we need to wait for a fix.

I found that : https://piunikaweb.com/2022/10/27/apple-ios-16-1-update-triggered-wi-fi-stability-issue-for-some-users/