It looks like there were some changes done in the pathing to the needed textures in the last updates. Looking at your screenshot, you seem to use a 3rd party Cessna livery, so basicly the producers of those liveries would have to update their addons, to make them work the right way again, not really Asobo.
People have to give Asobo the freedom, to make changes here and there, to get new stuff into the sim, to make it work better, run faster and more. Everyone wants to get more and more out of this sim and everyone wants the MSFS to be able to do more and more stuff, so to make them work, changes are necessary ! If you don't make no changes and try to keep everything the old basic way, then you wouldn't be able, to get just about every month new free added content, effects, possibilities, to make the sim better and better and to be able to make it grow. That all this new stuff can create errors, is just a logical thing in the world of programming. And you can't test everything perfectly in one session in a short time and try to maintain a constant flow of new stuff and content - which seems to me, that MSFS users are being used to now, getting constantly something added for free and are kind of EXPECTING Asobo to do so.
I remember the time before, when i was using X-Plane for many years. All those updates, that where done there, where just really tiny changes, barely to be noticed from one update version to the other. The largest (noticable) change and update in the last few years came with the implementation of the new Vulkan rendering support. But otherwise, there wasn't much at all for long periods of time. Everyone had to definitely rely on stuff, that the user-community and 3rd party developers came up with.
So from my point of view - Kudos and Thanks to Asobo/Microsoft to throw such a extremely lot of addons, changes, updates, upgrades towards the MSFS users - and that for FREE.
Surely, that's MY personal opinion about errors after large FREE sim updates. Make the errors public, so that they can be fixed, but make no big fuss about it - it just will take some time, to make such a complicated program with all the underlying programming to work right.
Everyone wishes for perfection, but as far as i know, perfection is desired, but not achiveable - someone tell me one thing in the world, which is really perfect ?
I can't name anything ...
Now let's try something:
There is a trick you could try to use by yourself, that could fix this problem, by adding one line into the "texture.cfg" file, which you can find in each aircrafts main "TEXTURE" subfolder.
As an example - the path of the Grumman Goose airplane main texture folder (not the extra livery texture folders) would look like this:
and in there (in your case this Cessna's TEXTURE folder) you will find the "texture.cfg" file. When you open it with notepad or similar text-program, the content will look like this:
Now try to add the following line below the existing ones :
if there would me more or less "fallback...." lines listed, you just adjust the fallback number by adding one higher number to it, so if there would be something like the last line in this config-file being "fallback.6= ...", then you add "fallback.7=...\texture\Planes_Generic" at the end - any last number + 1.
Save the file, restart the sim and see what happens.
(Still no guaranty it will work all the time ...).