Just two days after releasing iOS 14.3 with several significant new features like ProRAW photos and Fitness+, Apple started the beta testing process for iOS 14.4.
Typically, a full point-release update (from 14.3 to 14.4) has significant new user-facing features or changes, while minor releases (from 14.3 to 14.3.1) are mostly bug fixes and security updates. This time, even though Apple went up a full point-release number, the update appears to consist mostly of bug fixes and security updates, with only the smallest of feature changes for users.