If any iOS update Apple releases doesn’t help your device at all and you contact Apple Support to troubleshoot (or go to the Genius Bar at your local store) and they can’t get it to perform as it should they will likely offer an exchange in the hopes that it will work better.
As far as the signal issue…that may be something they can troubleshoot but they may tell you that you need to reach out to your carrier. It’s possible they just need to send out a carrier update. I’m a little less familiar with current needs with low signal because it’s been years since I had any issues other than when traveling in some rural areas and that’s pretty rare for me in the 6-7 states I travel around most in the South East region. When it was occurring it was definitely a carrier issue (issues with towers and carrier updates…and on occasion issues with them needing to do something on their end related to the account. Sorry it’s been a long time I honestly can’t recall. And we’re talking processes that may very well be obsolete at this point).
As far as what the best thing for you would be…that’s hard to say. Personally, I would tough it out and be patient because the phone isn’t quite 2 weeks old. It’s frustrating absolutely but relatively the time has been short so far. Unless it was a situation where I couldn’t afford to be patient. Then by all means I would stick with my previous device and return the iPhone until I could feel more confident that the issue has been fixed. (A lot of people seem to forget that not everything can be fixed with a snap of the finger and despite what some may think tech and its caveats are complex).