I've dropped from ranking #4 (or thereabouts) on the first page to now ranking between #13 and #25 on the second or third page of results. This coincides with the final rollout of the new update and I'm beyond annoyed at Squarespace for still not having fixed (or even addressed) this issue.
I did a lot of work to get us on the first page of results where we've sat for three years, until the last few weeks.