Update 16.3.1 IOS for iPhone 14 Pro

You never have to worry on such rumours if you keep backup on iCloud or iTunes.

Keeping the iPhone updated to latest iOS will protect your device. What it has to offer is given below

iOS 16.3.1

This update provides important bug fixes and security updates for your iPhone.

This update provides important bug fixes and security updates for your iPhone including:

• iCloud settings may be unresponsive or incorrectly display if apps are using iCloud
• Siri requests for Find My may not work
• Crash Detection optimizations on iPhone 14 and iPhone 14 Pro models

For information on the security content of Apple software updates, please visit this website: 

Apple security updates - Apple Support

Best to ignore rumors. I think you will find that your photos are just tine.

So far the best rumor that I've heard had to do with batteries exploding after the update.

Same here on my iPhone 13 Pro. I end up restarting my phone a couple times every day to restore my contact photos.