Ring volume decreases after 2 rings
incoming call ring decreases to very low volume after 2 rings.
iPhone 13 mini, iOS 15
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One possibility:
If Settings > Face ID & Passcode > Attention Aware Features is turned on, the phone will lower the ring volume as soon as it senses that it has your attention. See: Turn Attention Aware features on or off on your iPhone or iPad Pro - Apple Support