Here's how Microsoft described the issue as well as the possible workaround at the time:
After installing KB5014697, Windows devices might be unable to use the Wi-Fi hotspot feature. When attempting to use the hotspot feature, the host device might lose the connection to the internet after a client device connects.
Workaround: To mitigate the issue and restore internet access on the host device, you can disable the Wi-Fi hotspot feature. For instructions, please see Use your Windows PC as a mobile hotspot.
The patch is available via the new optional update the company released earlier today under KB5014668. You can download it via Windows Update or manually from Microsoft Update Catalog website at this link. The new KB5014668 update (Build 22000.778) also brings several new features like Search Highlights and more. Find all the details here.
The Wi-Fi hotspot issue was not exclusive to Windows 11 though as the same bug affects Windows 10 as well. However, it looks like users of the latter, who are affected by the issue after having installed the June Patch Tuesday will have to wait a little while longer as Microsoft hasn't released an official fix for 10 yet.