Through multiple sources of reading, it seems like the devices most affected by this are:
Any devices that haven't been updated/used in a while (there is an unknown timeframe, just devices not used for a long time. I'm guessing maybe 6 months or more)
New devices manufactured without a new enough update
Quest 2 devices are affected more than Quest 3 and 3s (assuming this is based on currently owned vs bought brand new)
And the known information about this problem is:
There wasn't a way for new devices to avoid this update, it was done automatically
A critical error would show up on screen saying "Your device is corrupt. It can't be trusted"
Attempting to factory reset potentially poses issues and make the problem worse
Updates from fairly new firmware were not affected whereas older firmware to said update were hit with the critical error
Meta has since paused/pulled this update on 12/27
Meta claims the current update is safe for all devices
Anyone with bricked devices is covered under manufacturer warranty which owners can receive support for here: Meta Quest Product Selection | Meta Store
I think this is all the crucial information about the topic and hopefully no one here in the forums became a victim to this update.