wifi dropping problem in iphone7s 14.7.1 version

This has nothing to with any of the iOS updates, if it was so millions of other iPhones too would have got affected.

Reset Network Settings: Only network settings are removed.

• When you reset network settings, previously used networks and VPN settings that weren’t installed by a configuration profile or mobile device management (MDM) are removed. Wi-Fi is turned off and then back on, disconnecting you from any network you’re on. The Wi-Fi and Ask to Join Networks settings remain turned on.
• To remove VPN settings installed by a configuration profile, go to Settings > General > Profiles & Device Management, select the configuration profile, then tap Remove Profile. This also removes other settings and accounts provided by the profile. See Install or remove configuration profiles on iPhone in this guide.
• To remove network settings installed by MDM, go to Settings > General > Profiles & Device Management, select the management, then tap Remove Management. This also removes other settings and certificates provided by MDM. See “Mobile device management (MDM)” in the iOS Deployment Reference.
• Reset your Network Settings. Tap Settings > General > Reset > Reset Network Settings. This also resets Wi-Fi networks and passwords, cellular settings, and VPN and APN settings that you've used before.

If the above fails...

Reset All Settings: All settings—including network settings, the keyboard dictionary, the Home screen layout, location settings, privacy settings, and Apple Pay cards—are removed or reset to their defaults. No data or media are deleted.

1. Reset All Settings: Return iPhone settings to their defaults - Apple Support:- Return iPhone settings to their defaults
2. You can return settings to their defaults without erasing your content.
3. If you want to save your settings, back up your iPhone before returning them to their defaults. For example, if you’re trying to solve a problem but returning settings to their defaults doesn’t help, you might want to restore your previous settings from a backup.

If you are facing a WiFi drop issue, I am not sure what makes you think it is caused by iOS 14.7.1?

None of my devices have these issues.

I have iPhone 4S iOS 9.3.6, iPhone 6 iOS 12.5.4, iPhone SE iOS 14.7.1, iPhone 8 iOS 14.7.1 and an iPad Pro iPadOS 14.7.1 and iPhone 12 Pro iOS 14.7.1. Prior to that, I had iPhone 3GS, which I have stopped using because it is carrier-locked.

I have been updating all these devices whenever a new iOS are released. I have never encountered any issue whatsoever after any update

I had to turn off my router and light stream box and restart to get it to connect to my I phone 8 plus. It had begun dropping out after the update and then just started saying it couldn’t join the network. Tried everything Apple suggested which didn’t work and had no other WiFi issues with any other of my other Apple or android devices. This only began after the update to 14.7.1, but I’m thankfully back on wifi. Will see how long it lasts..

I am having the exact same issue of wifi dropping. All other devices (PCs, smart tvs, etc) have not had this issue in my household. Only my father, who is using an iphone 7 on the newest update has been having this issue, as well as mine just now. We turn off our router every day so it is something to do with the apple products. Older ios versions are fine.

To address the WiFi drop issue you may try restarting your router.