The iOS Magnifier tool has had its light (and magnifying glass and high-contrast mode and other features) hidden under a bushel. The feature was added in Settings > Accessibility in iOS 10, and you could choose to add it to your Control Panel in iOS 11. In iOS 14, however, it was promoted to be a full app, as well as provide distance ranging of people with certain iPhone 12 models.
You can access Magnifier in two ways:
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In Settings > Control Center, swipe down to find Magnifier and tap the + (plus) next to it to add to your Control Center. You can then drag it for priority in the Included Controls list.
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In Settings > Accessibility > Magnifier, tap the switch on, and Magnifier is available as an app that appears on Home screens, and can also be used as an Accessibility Shortcut.