As an Administrator, I wonder if there is an easy way to determine whether we have any private channels associated with a hub? (I have highlighted the statements in question in red below). Any suggestions?
Any private channel sites that are currently associated to a hub will have this connection removed.
What you need to do to prepare
You do not need to do anything to prepare for these updates. However, if you currently have private channel sites associated with hub sites, you will need to plan to associate the parent team site with the hub site once this update reaches your tenant.