Cellular and WiFi internet not working

I have a new iPhone 14 Pro, about four months old, purchased brand new. Lately I started experiencing issues with internet connectivity in general, both 5G cellular and WiFi. In the past month it happened at least three times, and today, immediately after updating iOS to 16.5. WiFi at home is always on, and iPad connects and works well. When this glitch kicks in, the phone displays only 5G cellular network, not 5G UW (Ultra Wide) as it always does if I'm not connected to WiFi. I am confident that the area around my home has 5G UW coverage. There is zero response from the device when this happens, weather and news feed will not update. WiFi settings show the home WiFi network and confirms connectivity, however the WiFi symbol on the notification bar does not show up. I tried the following:

• turning WiFi on and off
• turning cellular internet on and off
• forgetting and reconnecting to WiFi network

None of the above said steps resolve the issue, only the restart does. After the restart, 5G UW comes on for a moment and the iPhone connects to WiFi network within seconds.

The occurrences have no noticeable pattern, happened in the morning, in the evening, and immediately after software update. The phone has never been dropped, has shockproof case on it and is well taken care of.

Has anyone else experienced the same issues, and if so, is there a fix for it?

Any suggestions are appreciated.