I'm under this scenario:
My organization is in Hybrid mode with Exchange Online. Do I need to do anything?
While Exchange Online customers are already protected, the November 2021 security updates do need to be applied to your on-premises Exchange Servers, even if they are used only for management purposes. You do not need to re-run the Hybrid Configuration Wizard (HCW) after applying updates.
Do I still need to run /PrepareAD or /PrepareSchema in my environment if the Exchange on-premise server is only used for management or is there an option to upgrade to latest CU without it? I thought there was a way to run the CU install that automatically includes either of these if the environment needs it?
Update: I found the answer elsewhere, so for those that need to know this, the setup wizard for Exchange automatically handles the /PrepareAD and /PrepareSchema if needed, otherwise it's a manual procedure if you install via command line.