Apple releases iOS/iPadOS 14.7.1 and macOS 11.5.1.
Releases contain bug fixes and security updates, specifically, iOS 14.7.1 fixes issue with Touch ID unlock for Apple Watch.
It is speculated that iOS 14.7.1 security fix might be related to Pegasus malware.
Following the release, Apple stops signing iOS 14.6 preventing downgrade from iOS 14.7.
Apple Support: About the security content of iOS 14.7.1 and iPadOS 14.7.1
Reference: Apple Releases iOS and iPadOS 14.7.1 With Fix for Touch ID Apple Watch Bug, Apple Releases macOS Big Sur 11.5.1 With Security Updates, iOS 14.7.1 and macOS Big Sur 11.5.1 Patch Security Vulnerability That May Have Been Actively Exploited, Apple Stops Signing iOS 14.6 Following iOS 14.7 Release, Speculation that yesterday’s iOS security fix was for NSO exploit
Developer:Check apps for compatibility issues.
QA engineer:Check apps for regressions.
PM/DM:Business as usual.