Before you do anything drastic like a factory reset, give it some time - iOS does a lot of housekeeping in the background after an update, indexing files and optimizing stuff, which genuinely can tank your battery for the first day or two. The force restart suggestion above is solid and worth trying first, but don't panic if that alone doesn't fix it immediately.
After you restart, check Settings > Battery > Battery Health & Charging to see what your maximum capacity is sitting at. If it was fine before the update and suddenly dropped, that's a separate hardware issue and you'd want to contact Apple support. But most of the time battery drain right after an update is just the OS settling in. I'd wait a full 48 hours, use the phone normally, and see if things normalize. Keep an eye on which apps are eating the most battery in that same settings menu - sometimes an app misbehaves after an iOS change and keeps running in the background when it shouldn't.
If it's still draining like crazy after two days, then yeah, consider a restore, but do it through recovery mode without wiping first if you can - sometimes a clean install of iOS without a full data wipe is enough to sort it. Only go nuclear with the factory reset if nothing else works.