SERP tracking tools have picked up high volatility in search results starting from May 13, 2021, showing signs of a possible Google search ranking algorithm update in mid-May 2021. The high volatility was first picked on May 13th and then reached its peak on May 15th.
It would appear that these changes are entirely independent of the page experience update as Google had previously confirmed that the page experience update would be rolling out in mid-June 2021. Further, Google’s Danny Sullivan has confirmed they haven’t released any broad core update. Hence, if your website is negatively affected by this update, then you’ll need to wait till the dust settles to see if the changes are being reversed.