They've put out an update to support Taproot amongst other things:
https://support.ledger.com/hc/en-us/articles/360010446000-Ledger-Nano-S-firmware-release-notes?docs=true
Update was simple enough... saw the "New Firmware" banner in Ledger Live, clicked update now... followed the prompts... it even has the "re-install apps" feature at the end of the process that will put all the apps you had installed back on the device for you.
The entire process took less than 5 minutes.