hould I wait for a 2020 update and hope Apple addresses these issues,
If you can wait then that will be better in the long run, as you'll get newer components, some of the issues may be addressed and you have more choices.
or are people just blowing it out of proportion because it’s a new product?
I wouldn't say people are blowing things out of proportion, but rather people come to a forum to discuss problems so you mostly see a one-sided view of things. The thousands of owners that don't have problems will remain quiet.
With that said, I do think the 16" MBP has some inherent issues:
1. Heat and fan noise when using an external monitor. Other than slowing down the CPU and making other changes will resolve this. There have been some videos out there that have good suggestions for mitigating the issue.
2. Screen quality/ghosting. This also seems like a real problem affecting people, and it seems that apple's choice of panels is of less quality then people come to expect for a 3,000 to 4,000 dollar laptop
3. Coil whine, this seems more like a lottery and it could occur in any model, its a topic that seems to be raised every model year.
4. Battery issues, I see a number of complaints on this, not sure if its software related.
5. Kernal Panics, not sure if its related to the T2, but there seems to be a segment of users dealing with this
6. Wifi performance - I'm largely ignorant of this, but some people seem unhappy about it.
7. Speaker popping issue Apple has promised an update to macOS to resolve this.
All in all, if it were me, I'd hit the pause button, but then I decided to vote on the quality issue with my wallet and buy a PC since when I was ready to replace my 2012 laptop the butterfly keyboard was the biggest headache.