I don't know if iOS 14.4 fixes it but what is for is that even at idle with no SIM it drains faster than the 11 Pro Max. This is probably due to smaller capacity of the battery.
Here is a comparaison between the iPhone 11 Pro Max and the 12 Pro Max at idle without SIM and configured identically.
I have used the 12 Pro Max several weeks, then tried again my 11 Pro Max for one week and I am back this week on the 12.
Here is the 11 Pro max vs the 12 Pro Max in idle without SIM on a Monday evening whereas they have been unplugged the Sunday at only 30 minutes of interval (earlier for the 11)
the 11 Pro Max
The 12 Pro Max
We clearly see that even with a 1 year old battery, the 11 hit the 99% at 11am instead of 7 am for the 11! And the 11 has been unplugged 30 minutes earlier and had more background activity than the 12...
Now here are the same phones on Tuesday morning, still unplugged on Sunday evening.
11 Pro Max (7:35 am)
12 Pro Max (7:42 am)
Slopes are similar but if we look closer, we see that the 12 depletes faster. What a surprise would you say me...
And finally the 11 Pro Max vs the 12 Pro Max in use on a Tuesday morning, the phones haven't been unplugged at the same hour so don't compare the battery level but only the slope of the battery level ;)
11 Pro Max
12 Pro Max
Yesterday I went to bed at 9:30pm with 50%, I woke-up this morning with only 42%.
I have left my home at 8:30am 40% for a walk of 30 minutes to my office without using it and it was at 37% once in the office at 9am...
Now at 10:10am, with only having sent the screen-captures by mail to my desktop computer, I am at 35% ... So I have lost 15% for 12h in idle and less than 20min of screen time.
What an incredible achievement Apple engineers!
It is a fact for me, even without the amazing drain that I experienced in the beginning and that some of us are still facing, in idle without SIM or in use, the 12 Pro Max has a lower endurance than the 11 Pro Max.
And as far as I remember it is the first time that an iPhone has a smaller battery life than it predecessor... But we are in 2020, nothing should surprised me anymore.
Actually, the iPhone 12 Pro Max is a great and high tech phone but do not consider it if you need endurance...
Thus, keep you 11 Pro Max or even buy an iPhone Xr if you can deal with lower performances. The 12 Pro Max is a real F1, but you will have to refuel it every night... Especially if you have a heavy use.