The King of Fighters XV has been updated to version 1.32 today. You can get the PC, PS4, Xbox One, Xbox Series, and PS5 patch notes here.
In the general list of changes, improvements have been made to the netcode. It should now allow better rollback performance in case of a lag. Other changes include improvements to the room search function, mission mode, and the video decoder.
The King of Fighters XV Update 1.32 Patch Notes
- Support for Billy Team DLC
- Various bug fixes
- Balance adjustments
The full patch notes are available in PDF format from here. There are plenty of changes in this update including balance adjustments for the various characters.