ISP provided WiFi Routers are principally intended to provide a cheap and generally reliable connection - of the subscriber to the ISPs services. Quite often, the router will provide “adequate” (but not cutting edge) features, including security. In many cases, the subscriber will have no alternative other than to use the ISPs Router.
The “weak security” warnings that are seen by some users, following update to iPadOS14, are the iPad providing warnings that the WiFi security settings are less than ideal - usually because the current security configuration is using an insecure security protocol.
To be abundantly clear, the warning does not imply that your iPad or WiFi Router are broken - or that they are any less secure than they were prior to updating of Apple devices to iOS/iPadOS14; instead, for those that do not necessarily understand the strengths and weaknesses of their iPad and WIFi network security settings, your device now produces visible information about your WiFi security.
If you are genuinely concerned for your security and privacy, you would treat any equipment that you do fully control, such as equipment provided by your ISP, as untrusted. As such, you will ideally provide your own network equipment (that is entirely within your control) upstream of your ISP-provided kit - that includes a firewall. For many, this level of network segregation is either beyond the capabilities of the user - or presents additional cost that the user is not prepared to accept.
There is a half-way position - where at least you can easily apply and use strong WiFi security. A good quality WiFi Router or WiFi Access Point, that supports WPA2/WPA3 is a relatively inexpensive investment. Once added via a wired ethernet connection, you can disable (or simply not use) the WiFi network provided by your ISP-provided Router. Whilst a significant generalisation, your additional Router/AP will provide much stronger security settings, better range and increased local throughput.
In conclusion, I recommend that you purchase and incorporate an additional Router/AP. Any concerns (and security warnings) will evaporate - and your home WiFi network will be technically improved in all respects.