The Day/Night cycle now works in real time, like Animal Crossing.
Due to the general idea of night bosses being that it's a race against time in addition to surviving the boss, and that aspect is lost with how long real world night is, the bosses health have been scaled accordingly. For example, before this update the EoC has 2,800 health in Normal mode and night lasts nine minutes. That would be approximately 5.2 damage per second to kill the EoC at the moment night ends. Keeping that value in mind, the EoC would now have 168,480 in normal mode. That's more than normal mode Moon Lord!
This scaling only applies to night bosses, for reasons listed above.