Apple has been working towards a public launch of iOS 14.7 and iPadOS 14.7 for weeks now. The goal, of course, to get it out before the wide launch of iOS 15 and iPadOS 15 later this year. To that end, the final Release Candidate has been seeded to developers.
Apple seeds iOS 14.7 and iPadOS 14.7 Release Candidate with support for the new MagSafe Battery Pack [Update: macOS 11.5, watchOS 7.6, and tvOS 14.7 RC released]