There's a base microcode in ROM and the patches are stored in a small piece of RAM built into the CPU, the whole sequence of patches is applied on every boot. Generally the BIOS will apply all the patches it has stored and then the OS will finish the sequence if the BIOS version wasn't already the latest.
It's a long list for some CPUs, i.e. Sandy Bridge was released in 2011 and got its most recent microcode update in 2020.