Arch Linux 2022.02.01 is now available for download and it comes pre-installed with Linux 5.16 as default kernel for new installations and system rescue/recovery tasks. The ISO image includes Linux kernel 5.16.4, but it looks like Linux kernel 5.16.5 was also released today and you should expect it to land in the stable archives by the end of the week.
In addition to the new kernel, the Arch Linux 2022.02.01 snapshot incorporates all the updated packages and security patches that have been released through the distribution’s software repositories during the month of January 2022.