At least two of us have confirmed that a roll-back to 15.7 fixes it. I saw multiple scrolling issues after updating and immediately came online looking for a thread like this. When "the future" confirmed that a downgrade fixed it in post #14, I did the same. Everything went back to normal across the board. I know that's no consolation to M2 owners, but I really hope Apple is actively working on this or has a fix in a dev build.
Is there anyone who has seen the issues in person that has also seen a 12.9" M1 or M2 that doesn't have it on 16.1? It seems like people who see it, also see it on replacements, display models, etc. That's concerning... I use my iPad at night all the time, so dark mode is a must and 16.1 breaks it with or without true tone and night shift.