In overall, how long does it take the IRS to update where's my refund?
For the latest information on IRS refund processing, see the IRS Operations Status page. It's taking more than 21 days for IRS to issue refunds for certain mailed and e-filed 2020 tax returns that require review, And, in some cases, this work could take 90 to 120 days.
Afterall, why does Where's My Refund say still being processed? If your tax return status is "Still Being Processed" your tax return could be essentially on hold until the IRS corrects any issues and/or gets the additional information from you to continue processing your return.
Quite as, what does the IRS cycle date mean?
The cycle code tells you the calendar date in which your account posted to the master file. 2020 Year. 05 is the IRS cycle week (5th week of filing season) 05 is the processing day of the week (Thursday in your case)
Is it true IRS only updates on Wednesday?
The IRS only updates your refund status information once per week on Wednesdays. If you e-file your tax return, wait at least 72 hours from the date the IRS confirms receipt of your return before checking your refund status, and at least three weeks if you mail the return instead.