Apple has release iOS 14.1, a sort of intermediary release between the big iOS 14 release a month ago, and the iOS 14.2 release currently in beta testing. This iOS version didn’t go through the normal public beta testing process, but it also doesn’t really add a lot of important new features for those who don’t have an iPhone 12.
The one significant new feature is 10-bit HDR playback and editing. Those with an iPhone 8 or later can play and edit 10-bit HDR videos in the Photos app (recording 10-bit HDR videos is only possible on iPhone 12). Beyond that, this release is full of bug fixes.