I have the same issue on my iphone 7, i also update my Iphone 5(SE) to ios 14.4, this one no issue at all.
After some tweaking i finally concluded that IT IS IOS an 14 BUG !
How DO I KNOW THIS?
because after i reset all data and setting mic is working. but then after several apps install (WHATSAPP etc) mic doesnt work again.
DO THIS : Each time your mic or speaker doesn't work, try to go to SETTING, ACCESSIBILITY, VOICE CONTROL. Turn VOICE CONTROL to ON, wait for a few second, then it will prompt on top of your screen "microphone is being used by another application, voice control will be turn off".
After you "reset all setting", then microphone will work again.
Or RESET ALL DATA and SETTING (FACTORY RESET = means you lose all your data on phone)
IT IS DEFINITELY an IOS 14 BUG !!
APPLE , PLEASE BE A GOOD CORPORATE AND FIX THIS FFS !!