It takes place over one and a half days. The second day is split up and 1.22 will continue where 1.21 leaves off.
I have a bad habit of making choices that resolve in future updates. I really need to stop that. So, most of the choices in this update are just dialog changes, with two exceptions.

I tried to resolve as many old choices as I could in this update.
One of the choices will have a major change in the story. Namely where they go on vacation. I've talked about this on Discord, but the short version is that each choice will take multiple updates to complete. I'll make a poll when the time comes and you guys can decide which vacation is created first.