Apple released iOS 14.7.1 to the public couple of days ago, exactly a week after the release of iOS 14.7. Some of the users faced lots of issues with Apple watch unlock after the update. iPhone users weren't able to automatically unlock their Apple Watch after updating to iOS 14.7. These issues are now fixed in the latest update fixes.
Today's new release of iOS 14.7.1 is available over the air to all iPhone users. If the update does not immediately appear for download then keep checking for the update in the iPhone settings app, it will take a few minutes to appear in the settings app. The build number of the latest release is 18G82. iOS 14.7 was release a week ago and it brought so many changes to iPhone users, support for MagSafe Battery Pack for iPhone 12, support for combining Apple Card account, a new timer management feature for HomePod users for their home applications, and many more features updates.
The update also introduced a bug that affected the integration of the iPhone and iPad, Apple explained it in their support documentation, - "When you have Unlock with iPhone turned on, unlocking your iPhone unlocks your Apple Watch as long as you’re wearing it. An issue in iOS 14.7 affects the ability of iPhone models with Touch ID to unlock Apple Watch."
Apple also promised the update for this issue last week, what they actually did in the recent rollout of iOS, release notes of iOS 14.7.1 - "When you have Unlock with iPhone turned on, unlocking your iPhone unlocks your Apple Watch as long as you’re wearing it. An issue in iOS 14.7 affects the ability of iPhone models with Touch ID to unlock Apple Watch."
Apple also says that iOS 14.7.1 patches a security vulnerability that may have been actively exploited - IOMobileFrameBuffer, So what is it?
Available for: iPhone 6s and later, iPad Pro (all models), iPad Air 2 and later, iPad 5th generation and later, iPad mini 4 and later, and iPod touch (7th generation)
Impact: An application may be able to execute arbitrary code with kernel privileges. Apple is aware of a report that this issue may have been actively exploited.
Description: A memory corruption issue was addressed with improved memory handling.
CVE-2021-30807: an anonymous researcher
iOS 14.7.1 is available now and fully rolled out to the users, you can update by going to the Settings app on your device, choosing General, then choosing the Software Update option.