I also experienced battery drain on my iPhone 11 Pro (HK edition with 2 physical SIMs).
What I realize was happening after updating to 14.7.1 is my "primary" line will always appear to have no reception when I wake the phone, it takes a few second for reception to fully restore.
While my "secondary" line has full reception as usual.
I figured, my "primary" line must be constantly trying to establish reception, I was draining the battery at approximately 10% every hour.
Decided to "Reset Network" settings to see if it will fix my issue, I am glad to report that my battery drain was solved with this action.
My "primary" line and "secondary" line are both showing full reception as usual. It's been 5 hours since full charge, and my battery life has not dropped even 1% through my usual usage practices.