There can be many reasons why a battery drains faster after an update. Apple even addresses this in this link --> If the battery in your iPhone or iPad drains too quickly - Apple Support. It is expected for the first few days after an iOS update, your battery will drain faster as it has to reindex the millions upon millions of bytes of data on your phone. This can last 4 or more days.
At 88% battery health, your battery is not too far from needing to be replaced. When the health of your battery dips to 80%, you'll see a notification that battery service is needed and you're not far from that date and it will then be time to pay Apple to replace the battery in your iPhone.
Social media apps, such as those from Meta (Facebook/Instagram/WhatsApp) are notorious for chewing through an iPhone battery. Meta has to release updates multiple times a week to fix bugs they create. Personally, I force close these apps after use because of this.
If you want to see what is using the battery the most on your iPhone, open Settings > Battery and wait for the apps use to populate. I wouldn't be surprised to see the social media apps are consuming a lot of your battery. Only Apple doesn't own these apps.
Finally, after every iOS update, the first thing I do is Force Restart my iPhone and I never have battery drain after an update. Do this and keep the directions handy for the future --> Force restart iPhone - Apple Support