The update should download automatically if your console is connected to the internet. If the update does not start automatically:

“Finally, I can play online with my friend in California without the match dropping every 30 seconds. The netcode still isn’t GGPO level, but it’s playable now.” – , Reddit

Update 1.0.1 is a pragmatic, player-focused patch that fixes major early-game blockers, improves matchmaking and stability, and takes initial steps toward balance. It's a positive first step, but deeper netcode and balance work is still needed for long-term competitive health.