I have tested out the earbuds after the new update. As @Antonio_Luis mentioned, the sound is really improved. The loudness and high pitches have been corrected to the exact level. Sound quality is perfect now.
Coming to ANC, hissing is gone. I checked out the call quality while traveling and it has been significantly improved.
There are some issues they haven’t yet solved.
The ear detection is still not accurate. It takes 0.5 sec to 1 sec to pause the song or video after removing the earbud.
After putting the earbuds back, synchronisation of the video is still taking around 5 seconds, which should be improved.
Will let you know if any other issues are faced.