Quick answer: Most changelogs are dev-facing checklists nobody reads. Player-facing changelogs lead with the impact, use plain language, and pin the highlights at the top.
Compare 'Fixed NRE in InventoryService.RemoveItem on stack overflow' with 'Stacking items no longer crashes the inventory'.
Lead with the impact
What can the player now do, or not do, that they couldn't before? That is the first word. The technical detail follows in a parenthetical.
Group by area
Headers: Combat, UI, Performance, Fixes. Players scan; categories make the scan fast.
Pin highlights
The first three entries should be the changes that affect the most players. Bury the niche fix at the bottom.
No internal jargon
'Refactored animation state machine' is meaningless. 'Combat animations are smoother on lower-end hardware' is what the refactor was for.
“A changelog is marketing copy that happens to be true.”
Read your changelog aloud as a player. Whenever you stumble, rewrite. The exercise takes ten minutes and triples readership.