Or perhaps a local issue, as neither of my Arcs changed volume at all after the last update. 

Perhaps it would make sense to submit a system diagnostic, and call Sonos Support to discuss it.

There may be information included in the diagnostic that will help Sonos pinpoint the issue and help you find a solution.

When you speak directly to the phone folks, they have tools at their disposal that will allow them to give you advice specific to your Sonos system and network.