RC of iOS 14.7, iPadOS 14.7, macOS Big Sur 11.5 Released for Testing
Apple has issued a RC (Release Candidate) build of iOS 14.7, iPadOS 14.7, and macOS Big Sur 11.5 to users who are participating in the beta testing programs for system software.
RC builds indicate the development process has ended (barring any major bugs or issues), and typically signify the final version is to be released to the public soon. Accordingly, it would be reasonable to expect the final version to be released sometime within the coming days or week.