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.
It appears that iOS 14.1, which Apple appeared to skip past in releasing the 14.2 beta, is intended to support the features of the new iPhone 12. The GM release is available for developers to download, but there has been no beta test. It’s likely that iOS 14.1 will ship on iPhone 12 models from the factory, and iPadOS 14.1 on the iPad Air, but everyone else will jump from 14.0 to 14.2.