Last month I tried out some SEO software that I haven't used in years for kicks. I won't name it so that this answer is not deemed promotion. There is a "Toxicity score" within the backlink audit feature that can be used to discover fishy links aimed at your site.
After the Helpful Content Update I was curious and decided to disavow only the URLs that the tool listed as "highly toxic". URLs that are listed as toxic are ones that demonstrate black hat behavior. For example, links from a confirmed PLN would be listed as highly toxic.
I did this just before Christmas. Below is a screenshot of depicting impressions and clicks afterward. Obviously, this correlation could be spurious, especially around Christmas.
So while Stephen gave the "correct" answer here - I wanted to point out that in my experience I have come across exceptions to the rule.
In the past I've bought links from PLNs and pointed them at test sites to observe the effect. The last time was in 2021. While link spam violates Google's webmaster guidelines, I have only received a manual action in the most extreme cases.
Remember just because you didn't do anything wrong doesn't mean someone else didn't. There are bad actors out there that know Google punishes link spam and direct link spam towards competitor sites to try and quash them.