It amazes me that not too many people seem to care about this. I guess most people got so used to crappy mp3 quality they don't even know anymore what decent audio should sound like. Oh well...
I don't have airpods, with my iPhone SE (gen1) I'm using wired Sennheiser headphones, this phone still had a minijack output.
The actual output level of the headphones also depends on the impedance of the headphone speakers. Not all headphones have the same dB SPL output with the same signal voltage level in dB(U). Apple probably calibrates for their own pods, but not for other brands...
Regardless, to answer your question: when you do not use the limiter function, (i.e. you just reduce the volume slider), listening to your airpods at low levels (like 75dB /80dB) should not be impacted by the new limitations, this is the same as before iOS 14.2. So if you're satisfied with these levels, this should not be an issue for you.
However, if you do use the limiter slider (Reduce Loud Sounds setting), I'm not so sure if the sound quality isn't impacted. It is possible that this setting introduces some degree of audible distortion to the signal, soft limiters usually do. I think I hear a difference with the slider on, but I might be biased (being angry at this limiter). It should be measured to know for sure.
What I am talking about in my previous post, is when you amplify this weak signal. That's when the noisefloor comes into play. Apple is plain wrong in assuming everybody is listening to Apple earbuds all the time. Before 14.2, there was no limitation, and you could send your signal "hot" (max output level) to your soundsystem amp (car/home/boombox/...), at full dynamic range. With this new health limiter, you're forced to feed a weak undynamic 80dB signal to your amp circuits. In doing so, you're actually also amplifying the noise floor of the phone, in order to reach the same dB SPL (sound pressure level) with your soundsystem. End result is same perceived "loudness" (dB SPL) but with severely reduced dynamics.
As far as I understand, World Health Organisation only did recommendations that were never enacted into laws, so I'm confident that Android phones will indeed feature hearing protection implementation, but optional.
Apparently Apple didn't receive too much complaints to give us an option switch in 14.3 update, so my hopes are down they will give it to us in any future update.
As a professional sound/light technician, I most certainly understand your point, many people suffer from tinnitus and permanent hearing loss. Warnings are a good thing indeed, and I do support that. Just like warnings on tobacco products and alcohol. With the latter, everyone has a choise to use them anyway, knowing the risks. So why should headphone usage be treated differently? People who want to consume their music loud, will find a way, one way or another. In my opinion, these warnings should be optional, and "on" by default.
My biggest concern is: not everyone uses their digital music player with headphones, that's a reality that cannot be ignored. In that usage situation, the dynamic range of iPhones is severely handicapped from 14.2 onwards, it is unacceptable for me.
Having good quality audio was a key selling point for me, the reason I chose an iPhone SE (the only small phone with a decent internal DAC). Taking away the full dynamic range, after I purchased their product, is not a smart move, disrespectful to me as a customer. The arrogance Apple displays here, with their patronizing attitude of knowing what's best for the users, is next-level. I've been using many macs for 20 years now, it saddens me to see which direction Apple is going now... Also with the T2 chips preventing the basic "right to repair" by yourself or 3rd parties.