After updating to 16.1.1 on my iphone xs, the time of day is HUGE on my lock screen.

And-beyond wrote:

How do I make the font for the time of day smaller, like it was before the update, on my lock screen?

You can change the font, but not the size of the time display. that might be something that you suggest to Apple→Product Feedback - Apple

This link will help you customize the Lock Screen including changing the size of the time...

Change the wallpaper on your iPhone - Apple Support

We'll hope that they come out with an update that will allow us to change the size of the print!