This particular release has a lot of fixes in it. So I updated as soon as I knew about it. As always I used the method that includes a backup and all data is in it. It used to be called the iTunes method, but now I call it the finder method (due to how it happens now). This method takes a little bit longer, but it does protect all of the data.
I updated an iPhone 11 with no issues.
Here is an article with a little more details on this update.
iOS 14.1 includes improvements and bug fixes for your iPhone.
• Adds support for 10-bit HDR video playback and edit in Photos for iPhone 8 and later
• Addresses an issue where some widgets, folders, and icons were showing up in reduced size on the Home Screen
• Addresses an issue where dragging widgets on the Home Screen could remove apps from folders
• Fixes an issue where some emails in Mail were sent from an incorrect alias
• Fixes an issue that could prevent incoming calls from displaying region information
• Fixes an issue on some devices where selecting zoomed display mode and an alphanumeric passcode could result in the Lock Screen emergency call button overlapping with the text input box
• Addresses an issue where some users were occasionally unable to download or add songs to their library while viewing an album or playlist
• Fixes an issue that could prevent zeroes from appearing in Calculator
• Resolves an issue where streaming video resolution could temporarily be reduced at the start of playback
• Fixes an issue that prevented setting up a family member‘s Apple Watch for some users
• Resolves an issue where the Apple Watch case material was displayed incorrectly in the Apple Watch app
• Addresses an issue in the Files app that could cause some MDM-managed cloud service providers to incorrectly display content as unavailable
• Improves compatibility with Ubiquiti wireless access points
Some features may not be available for all regions or on all Apple devices. For information on the security content of Apple software updates, please visit this website: https://support.apple.com/kb/HT201222
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