I've read about people having reception issues with multiple phone numbers tied to the same iPhone, after the 14.7 update, but also people with no reception issues while still experiencing faster than normal battery drainage/usage. As for fixing the issues, you have to choose whether you're going to simply report the issue to Apple and let them try to solve it with another software update or if you're going to take the time to fix it yourself, assuming it's not an actual hardware issue.
Step one, for any direction you go in, is to backup your iPhone. It sounds weird, but coincidentally or not, sometimes I've found the process of backing up can sort things out, and you want a recent backup anyway, so realistically that isn't a waste of time either way.
Step two is determine whether you want to restore the iPhone to factory settings, without any other data on it, which will help you determine if it's a software or hardware issue. If that didn't help or somehow you determined that it isn't a hardware issue, then you still have a choice. The last option isn't approved by Apple, but there are legitimate websites that have the .ipsw files you need of every iOS version released, so technically you could reinstall iOS 13 or 14.1. Granted if you don't already have a backup of your phone while on the software version you rollback to, then restoring your data from a backup isn't going to work.
Most of the Apple-approved steps and instructions are listed in my previous post with all of the links to the Apple website, but if you're really stressed about 14.7.1, you have about an hour of time (plus the time it takes to restore from a backup), a backup of your phone while on the previous version of the software, AND a current backup of your phone as a safety net, jump on YouTube and search for "How To Downgrade iOS - From 14.0 to 13.7."
Hopefully my advise helps you narrow down whether you want to spend time fixing it now or wait for another software update to fix it. Enjoy your day, good luck, and stay safe.