Google released around seven confirmed Core Algorithm updates and hundreds of minor updates in 2020.
While all the algorithm updates are designed to make Google Search better, they also impose an algorithmic penalty on websites which can significantly hurt a websites' rankings.
The issue here is that when a site rankings drop, it leaves site owners confused as there's no clear indication as to why a site is penalized.
Now the frequently asked question is, how much time can it take to get back your rankings to the previous level?
According to Google's John Mueller, you do not have to wait for the next Google core update to see a full recovery.
Google's recommendation to site owners is to continue working to improve the site, which will lead to at least some incremental improvements over time.
While it's possible that the next core update can make a bigger change in your site’s performance, in general, sites don’t have to wait for the next bigger update in order to start seeing changes.
Finally, you can refer to the Search quality rater guidelines and the list of questions shared by Google for site owners to self-assess the site content in case there's traffic loss after any algorithm update.