Following the release of iOS 16.3 last week, Apple has stopped signing iOS 16.2. This means it is no longer possible to downgrade your iPhone to the older iOS build.
If your iPhone is still running iOS 16.2, you can update it to iOS 16.3 without issues.
Apple has reduced the iOS signing window
iOS 16.2 was released on December 13, 2022, while Apple seeded iOS 16.3 to the public on January 23, 2023, after a short beta testing period.
Until iOS 15, Apple followed a two-week cycle in which it stopped signing an older build of the OS after a new release. With iOS 16, the company switched to a shorter one-week window. Usually, you have little reason to downgrade to an older iOS release. The new build could sometimes introduce extreme battery drain or an unwanted bug. Such cases could compel many to go back to the previous OS release.
Jailbreakers also prefer staying on an older iOS release, as the chances of a jailbreak coming out for it are higher. Given the lack of activity in the modding community, an iOS 16 jailbreak is unlikely to drop anytime soon.
Prepare for iOS 16.4 beta
iOS 16.3 was a relatively small point update. The release primarily focused on adding support for the new HomePod and other bug fixes. In comparison, iOS 16.2 was a bigger update, with features like Apple Music Sing, Advanced Data Protection, Freeform, Always On Display customization, and new Lock Screen widgets.
Apple should soon release the first iOS 16.4 beta to developers and public beta testers. The next point release of iOS 16 could pack several new features and enhancements.