Same issues here. I purchased the monthly account and after about 2 days of great usage I updated and have been unable to use it since. I am likely to ask for a refund and at this point just happy I did not commit to a year.
Sometimes, I get a response, and the artifact starts to generate but does not have content. Most of the time, it just says generating and then spins. I have tried all of the available models, restarted both the IDE and computer, and adjusted settings, and nothing seems to have any impact. It would be good if Cursor made previous versions readily available for downgrading.