Google has posted the images for February's Android Security patch in both the Factory Image format and in the OTA Image format, so no matter how you prefer to flash the latest Android software you can download and manually install it at your leisure. If you're one who prefers the easiest method of installation, then you'll likely want to wait for Google to push the software to your device over-the-air, although you will be waiting a little bit longer for the software to hit your device as Google generally posts the Factory and OTA images before they start sending out the software updates for supported devices. That being said, Google is likely to start pushing the security patch for supported devices starting today or at the very least sometime this week.
At the moment Google hasn't posted the February Security Patch Security Bulletin, so it isn't clear exactly what the fixes are in this latest security update. Although the security bulletin hasn't gone live Google is most likely to post this later on in the afternoon. In regards to what devices have the latest patch, Google has posted Factory Images and OTA Images for the Pixel and the Pixel XL, the Nexus 6P, the Nexus 5X, the Nexus 6, the Pixel C tablet, the Nexus 9, and finally the Nexus Player for those who are still using it and want the latest security software.
While the latest security patch is live for both image types, one thing worth noting is that some of the devices have two builds for February for the Factory image. The Nexus 6P for example will have one build that is meant for all devices regardless of the carrier, while it also has one build that is meant just for Verizon users. The Pixel and the Pixel XL are the same as they have one build that is meant only for Rogers users of either device, while the Nexus 6 has a build that is meant specifically for AT&T users. These are labeled accordingly, so just make sure you grab the correct Factory Image for your device. If you're unsure how to flash the Factory Images or OTA Images, Google has a nice description of how to complete the process on the same page you download the image files.