Google Search Console CLS (Cumulative Layout Shift) Issue

Recently, Google Search Console started flagging a CLS (Cumulative Layout Shift) error on thousands of my pages. Around the same time, I noticed a drop in my Google ranking for the same keyword.

I’m wondering if anyone has experience with this issue. Could the CLS errors be significant enough to cause a drop in rankings, or is it likely that the ranking drop is due to other factors? Any insights would be helpful!