Same. iPhone 16 Pro. Must be some incompatible condition we've triggered...but I'm unable to take this update as well...

DFU worked for me here. Not sure if you've done it before - but the button combo is finicky and must be executed properly. Also, DFU has no splash, but your Mac will recognize it in DFU. Good luck to you.

Same here. I was good for a few days after the 12.3 update but the issue presented again after some usage. I first noticed it on conference calls, and sometimes that's not the same issue, so I opened up Apple Music and ran through a song and it happened a few times. If the issue is rooted in some sort of cache/memory problem as others mentioned, perhaps the update process cleared it temporarily and now we are beginning to max out again.