Apple has a released tvOS 16.4. It is a minor update but it still includes a couple of useful new features and good bug fixes.
Update: With iOS/tvOS 16.4 Apple is reintroducing its new Home architecture that was previously pulled. The new architecture should make connected HomeKit and Matter devices in your home more responsive and stable. You can upgrade to the new Home architecture from the Home app on iPhone/iPad, after which Apple TV will act as a controller hub in your home. All devices must be updated.
Apple highlighted only one new feature in its release notes. 'Dim Flashing Lights' sounds like an epilepsy-preventing initiative, although Apple in its support documentation cautioned that it "should not be relied upon for the treatment of any medical condition". It can be found under Settings -> Accessibility -> Motion -> Dim Flashing Lights.
- "What's new in tvOS 16.4: This update adds Dim Flashing Lights, an accessibility option to automatically dim the display of video when flashes of light or strobe effects are detected, and includes performance and stability improvements," announced Apple.
In addition, tvOS 16.4 adds official support for Sony's new DualSense Edge game controller for PlayStation 5, on top of existing support for the standard DualSense. Apple TV also supports Xbox, Nintendo, and many other types of game controllers.

Sony recently launched the DualSense Edge controller and it's now supported on Apple TV. Photo: Sony
Auto-play trailers, movie loading bug
Apple has fixed the issue with large iTunes / Apple TV movie libraries (thousands of titles) taking a very long time to load. The movie library now loads instantly, as highlighted by Sigmund Judge.
You can now disable auto-playing trailers in the Apple TV app under: Accessibility > Motion > Auto-Play Video Previews. This setting option has been there for a long time but previously it was not respected in the Apple TV app.
Apple TV 4K (2022) has also gained support for HDMI 2.1 QMS.
tvOS 16.4 is available now for Apple TV HD and all generations of Apple TV 4K.