Created a new world on Nintendo Switch to enjoy 1.17 features when it was released.  Tamed one of every cat, had 16 villagers with awesome trades, a villager breeder, jungle birds,  name tagged a  polar bear so it wouldn’t despawn, had a corral full of horses, enclosure of cows, villager I had moved to the top of a Pillager farm. . .

ALL gone since my system updated to 1.1 7.32 last night.

 Interestingly two chickens in one pen are still there. Two chickens in an adjacent pen are gone.  Some bees in the farm - not all - remain (using both crafted and world generated hives)  The boat that was holding a villager awaiting transport is gone as well as the villager in it.  All hoppered mine carts near world spawn are gone.  Hoppered minecarts 1800 blocks away remain and are working.

 Four cleric diamond trade villagers are still in their enclosures.  Yay! They are 100 blocks from world spawn and I normally access them via nether portal.

Another Switch user reported same issue on Reddit five days ago.

~needless to say, I’m super disappointed in the game!  So much time and effort going to waste.