The One UI 5.1.1 update released for the Samsung Galaxy Z Fold4, Galaxy Z Flip4, Galaxy Z Fold3, and Galaxy Z Flip3 last month is now rolling for the Galaxy Z Fold2. However, it's seeding in the US for units locked to T-Mobile and Sprint's networks and should be released for the Fold2 on other networks soon. Samsung Galaxy Z Fold2 The One UI 5.1.1 update has firmware version F916USQU4KWH7 and bumps up the Android security patch level on the Galaxy Z Fold2 to August 2023. If you haven't received it yet, you can check for it manually by heading to your Fold2's Settings > Software update...
Source: https://www.gsmarena.com/samsung_galaxy_z_fold2_carrier_locked_units_usa_one_ui_5_1_1_update-news-59847.php