@tw273 No, it does not show your next Alarm, it only shows your next Sleep/Wake time (formerly called Bedtime), which are two different functions. The Alarm function everyone here is talking about is one part of the Clock app and has nothing to do with the Sleep/Wake times.
The Alarm function of the Clock app allows one to set multiple alarms throughout the day and gives the user the ability to set a unique label for each one (such as "feed the cat," "take your next pill," etc). They can be set for certain days of the week only, every day, or one time only.
It was in an indispensable function of the "Up Next" widget (and still is for those wise enough not to upgrade to iOS 14 yet). Removing it is a step backwards. Apple needs to fix it. Now.