Tonight, Apple will release the final version of iOS 16 and watchOS 9 to everyone. iOS 16 is supported by iPhone 8, and watchOS 9 is supported by Apple Watch Series 4 and later.
Not all the features announced at WWDC 2022 made it to the final version: some of the announced ones are unfinished and will appear in iOS before the end of this year.
Features to look forward to
Widgets on the lock screen are called Live Actions. Developers will be able to create widgets to track activities in real-time. For example, it will be possible to monitor the location of an approaching taxi.

SharePlay for Game Center will also not appear in the final release. You can play with friends during a FaceTime call later. This is where the Game Center contact integration goes, so you can see what your friends are playing.
There is also no support for the Matter standard. Devices with this protocol can connect to the leading innovative home systems without any problems.
They have shared a photo library with relatives. Photos and videos will be automatically or manually uploaded to a particular folder that your family or friends will have access to. You will see their pictures.

The Freeform collaboration app is coming soon. It is a virtual whiteboard with a flexible canvas for drawing, notes, text, and media files with real-time collaboration features.

Some of the features will appear in iOS 16.1, which will be released in October-November. The separation of iOS and iPadOS releases obliges the company to launch new features later so that everything works correctly and simultaneously for everyone.