iPhone SE (2nd Gen) in reboot cycle after iOS 26 update

The update was done in the evening without any problem. It booted and briefly tested the new iOS 26 without any issue. In the morning it was stuck in a 3 minute reboot cycle and it has since been like that.

In the meantime, I tried "Forced Restart", "Reset All Settings" and "Erase All Content and Settings", but to no avail. It still is stuck in the 3 minute reboot cycle.

Below is an excerpt of one of the "panic-full" logs.

Is there any way to go back to the previous OS version? Is it common for these things to happen? Can I expect a software update to solve this? Could the update have damaged the HW?

{"bug_type":"210","timestamp":"2025-09-16 14:55:44.00 +0100","os_version":"iPhone OS 26.0 (23A341)","roots_installed":0,"incident_id":"5ACAB83A-12A4-4C93-87A5-A4053695CAFC"}
{
  "crashReporterKey" : "754bfc0c331b361fade67056dccd70de730eafe9",
  "panicProcessingFlags" : "0x0",
  "product" : "iPhone12,8",
  "kernel" : "Darwin Kernel Version 25.0.0: Tue Aug 26 20:28:24 PDT 2025; root:xnu-12377.2.8~1\/RELEASE_ARM64_T8030",
  "socRevision" : "11",
  "panicString" : "panic(cpu 0 caller 0xfffffff013db7bd4): userspace watchdog timeout: no successful checkins from thermalmonitord (2 induced crashes) \nservice returned not alive with context : is_alive_func returned unhealthy : current 4fffffffffff, mask 1fffffffffff, expected 1fffffffffff. SD: 1 BC: 1 RC: 0 BS: 1, Missing sensor(s): mic1 \nservice: backboardd, total successful checkins in 198 seconds: 19, last successful checkin: 0 seconds ago\nservice: SpringBoard, total successful checkins in 168 seconds: 17, last successful checkin: 0 seconds ago\nservice: audiomxd, total successful checkins in 198 seconds:"