Will these issues be addressed for ipad air first generation?

The recent security vulnerabilities patched with iOS 14.4 did not affect anything older than the iPad Air 2, iPad mini 4 or iPhone 6s. So your first gen iPad wasn’t affected to begin with so there is nothing to patch.

While we do not know what Apple does, currently all older 2013 iPad Air models are still receiving security point updates.

This is why iOS 12 is currently up to iOS 12.5.1.

So it maybe possible that Apple might issue another security point update, but again, maybe not.

We wouldn't know.