Cherry laurels with thinning and yellow leaves
From your photos the yellowing leaves look like old leaves. The foliage looks like it has some fungal damage as well. The holes in the leaves looks like cherry shot hole. This is a foliar fungal disease favored by wet weather. The infected leaf tissue falls out and the holes are left behind. The damage is cosmetic and no chemical controls are recommended. Rake up any fallen foliage. The plant will recover.
Looks like healthy leaves nearby and the plant is flowering. Cherry laurel grows best in partial shade in a well drained soil. You will have to check the drainage in the area. Monitor the shrub and the new growth and make sure it looks healthy. Make sure your mulch is no thicker than two inches and keep away from the base of the trunk to prevent boring insects. Here is more on cherry laurel https://marylandgrows.umd.edu/2019/01/07/qa-whats-wrong-with-my-cherry-laurel-shrubs/