It contains a lot of stability improves and quest fixes.
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CD Projekt Red is seemingly sticking to their proposed timeline of updates for Cyberpunk 2077. First up on the timeline for 2021 was Patch 1.1 and sure enough, Patch 1.1 just dropped for the game. The full list of changes can be found below.

The changelog isn't exactly a mile long, but it's still fairly beefy. It mainly focuses on stability improvements and bug fixes for a wide variety of missions throughout the game. More fixes are planned for the upcoming Patch 1.2.

Stability

Various stability improvements including:
  • Memory usage improvements in various systems within the game: characters, interactions, navigation, in-game videos (news, tv, etc.), foliage, laser effects, minimap, devices, AI, street traffic, environmental damage system, GPU-related, and more.
  • Various crash fixes (related to, among others, loading saves, game opening/closing and Point of No Return).

Quests/Open World
  • Fixed an issue where calls from Delamain would end immediately and seem like they cannot be picked up in Epistrophy.
  • Fixed an issue where players would not receive calls from Delamain when approaching relevant vehicles in Epistrophy.
  • Fixed an issue where the objective could get stuck on "Answer the call from Mr. Hands" in M'ap Tann Pèlen.
  • Fixed an issue where Judy could teleport underground in Pyramid Song.
  • Fixed an issue where it would be impossible to talk to Zen Master in Poem of The Atoms.
  • Fixed an issue where Takemura wouldn't call in Down on the Street.
  • Fixed an issue where Jackie could disappear in The Pickup.
  • Fixed an issue where it could be impossible to get out of the car in The Beast in Me: The Big Race.
  • Fixed an issue where players could stop receiving calls and messages after moving too far away from A Day In The Life area.
  • Fixed an issue where opening the package wouldn't update Space Oddity.
  • Retro-fixed the saves affected by a rare issue where speaking to Judy in Automatic Love would be impossible due to an invisible wall. The underlying issue is under investigation.
  • Fixed an issue that prevented players from collecting the reward in Gig: Freedom of the Press. The quest will auto-complete for those who could not collect the reward previously, and the reward will be provided automatically.
  • Fixed an issue where Delamain would remain silent throughout Epistrophy if the player initially refused to help him.

UI
  • Fixed an issue where prompt for exiting braindance could be missing.
  • Removed an invalid item from loot.

Visual
  • Fixed an issue where a grenade's trajectory could be displayed in photo mode.
  • Fixed particles' hue appearing pink when viewed close up.
  • Fixed cars spawning incorrectly in Reported Crime: Welcome to Night City.

Achievements
  • Fixed an issue where completing one of theassaults in progress in Santo Domingo would sometimes not contribute towards progression for The Jungle achievement, preventing its completion.

Miscellaneous
  • Addressed the issue responsible for saves getting oversized (related to the modifier indicating if the item is crafted), and trimmed the excess size from already existing saves (note: this won’t fix PC save files corrupted before 1.06 update).
  • Fixed an issue where input could stop registering upon opening the weapon wheel and performing an action.
  • Fixed an issue where the "Continue" button in the Main Menu could load an end game save.

PlayStation-specific
  • Performance optimization of crowds on PlayStation 4 Pro and PlayStation 5.
  • Various crash fixes on PlayStation 4.

Xbox-specific
  • Improved memory usage for character creation, mirrors, scanning, camera remote control, menus (inventory, map) on Xbox One, Xbox One X and Xbox One S.

PC-specific
  • It will now be possible to obtain achievements while in Steam offline mode. Note: Offline mode needs to be enabled before starting the game. This change does not work retroactively.
  • Addressed the game startup crashes related to loading cache on NVIDIA graphics cards.

Stadia-specific
  • Concert audio should no longer be inaudible in Never Fade Away.
  • Fixed corrupted textures on several melee weapons.
  • Tweaked default deadzone settings to be more responsive. Note: the change will not affect settings unless they’re set to default.