The changes are actually huge
Street Fighter 6 came out with a shocking announcement last week— they would be releasing a balance patch on the 2nd of December 2024. According to them, the balance patch was not meant to be big at all, but that all characters would be receiving changes.
The changes have now been made and from the looks of it, they are pretty big.
The two most affected characters seem to be Ed and Cammy who received quite a few nerfs while on the other side, Ryu seems to have gotten a few buffs to help him remain relevant in the meta. Marisa also got a few tweaks while characters like Rashid received a couple of nerfs but they don't affect him too much.
The idea behind the balance patch seems to be to make the game fairer and therefore, they looked to nerf some defensive mechanics and also add more risk to a lot of crouching options to make them more punishable.
You can check out all the changes here.
There has been some debate about the timing of this patch seeing as there are still several tournaments qualifying players for Capcom Cup and having such a change now is very stressful. The full import of the changes cannot be known yet, but will become clearer as time goes on.