There is an update available for the iPhone.
Jim Hamm
iOS 14.7 Update Released for iPhone, Download Now
Apple has released the final version of iOS 14.7 for iPhone users. The software update includes bug fixes and some minor improvements, most notably allowing MagSafe Battery Pack support for the iPhone 12 lineup. Curiously, iPadOS 14.7 is not yet available for iPad but presumably will be issued soon as well.