After updating your iPhone to iOS 16.4, you can change the Mic Mode setting from Standard to Voice Isolation to block out ambient noise and make the calls sound clearer to the party on the other end, especially when you are speaking.
To turn on this feature dial a number and while on the call, swipe down from the top-right to access the Control Center, select the button labeled Mic Mode, and then select Voice Isolation. Once the feature is activated, it stays on. To turn it off, swipe down from the top-right during a call and change the Mic Mode setting back to Standard.
Similar features are now available in Teams and Zoom under the Noise Suppression settings.