No Wifi 7. So you get access to the 6 GHz band, but not some of the other features (preamble punching, OFDMA):
* https://en.wikipedia.org/wiki/Wi-Fi_7
* https://en.wikipedia.org/wiki/Wi-Fi_6E
The iPhone 16s do have Wifi 7. Curious to know why they skipped it (and I wonder if the chipsets perhaps do support it, but it's a firmware/software-not-yet-ready thing).