What issues is this 16.5.1(c) update actually fixing?

Hypothetically Said:

"What issues is this 16.5.1(c) update actually fixing?: 'Important security fixes' is super vague and the 'To learn more please visit:…' just links to some generic article about updates, zero details about this specific update."

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See here: About the security content of Rapid Security Responses for iOS 16.5.1 and iPadOS 16.5.1 - Apple Support

There is a very good reason why Apple is vague about what it patches.

If Apple gave specifics about what it patches, then it would give hackers the exact exploit in non patched phones.