Apple has already released a beta of iOS 14.2, making it available to developers just one day after the public release of iOS 14 and then to public testers just a few days later. In addition to iOS and iPadOS 14.2, Apple made beta versions of tvOS 14.2 and watchOS 7.1 available.
What happened to 14.1? Your guess is as good as ours! Perhaps that version is being installed on iPhone 12s as they leave the factory, identical to iOS 14 save for support for the new hardware, with Apple aiming to bring iOS 14.2 to market so it’s ready to download when those phones hit the stores. Perhaps we’ll also see an iOS 14.1 beta release, oddly begun after the iOS 14.2 beta. If we ever figure it out, we’ll let you know.