Summary - I was seeing the same issues (battery drain, heat). Removing the Fitness Widget from my home screen seems to have corrected the problems.
Details - After updating to iOS14 on my iPhone 11 Pro my battery life was greatly reduced and that the back of my phone was getting hot. I checked the battery status and noticed that a disproportionate amount of the battery life was consumed by the Health App. I have been using the Health app, and several features with my Apple Watch prior to the update. It is currently 1pm EST and I am at 86% battery life. Yesterday at this time I was at 20% with similar usage. I removed the Fitness Widget from my home screen this morning at around 8am and slowly throughout the day the Health app is becoming a smaller and smaller % of my battery usage and my battery life looks normal. My best guess is that it was the Fitness Widget causing the battery drain.
I would like to hear if others find the same results.
I don't believe I made any other changes to the settings of the Health App. I liked having that information on my home screen so I hope that Apple comes up with a fix, but for the moment my battery usage issues have been resolved and I won't be using that widget.