Hello,
My brother and me have the same issue.
We bought two iphones 12 at the beginning of January (I specify that we are French). For my part, I ordered an Iphone 12 pro max and my brother took the 12 (not pro), both in 128g of storage and factory set on IOS 14.3.
At the first start, nothing abnormal. I used to turn it off often because still not having received my protection case, I didn't want to use it on a daily basis. that's when i turned it off and back on again several times that I saw that there was a problem. So I decided to return my product because I thought it was a defect and nothing on the internet mentioned this problem (this post didn't exist yet).
My brother left his phone on more longer because he was using it, but there came a time when he had to turn it back on for various reasons. And there I realize that he has the same thing as me, except that he has decided to keep the phone because there is no other problem after it started (he doesn’t care about this issue).
I am waiting for my new 12 pro max which should arrive on February 10th, I will tell you if this issue remains. I don't think it's a hardware issue, so that would mean that all of our phones are defective ?? I cannot believe it.
I contacted Apple support three times, the first person told me that it might be a dual boot but no certification. The other two didn't know anything about it.
I have 3 other friends who have purchased Pro Max models, one of them ordered it when it was released, the second in early December and the last a few days ago. None of them have this issue.
I hope we will find a solution quickly.
(Sorry for my bad english)
Have a good day.