The standard way to get the latest available software for your specific hardware is through the official Apple Update process :
Addressed issues like Dolby Atmos audio stopping unexpectedly and battery service messages disappearing on certain models. Important Note on iOS 14.7.1 iOS 14.7.1 RELEASED | Why You NEED To Update NOW!
Added the ability to manage timers on HomePod from the Home app. Download iOS 14.7 for iPhone SE
Added compatibility for the portable battery for iPhone 12 and newer.
While was a significant update released in July 2021, Apple generally stops "signing" older firmware versions shortly after a new release. This means that for a modern Go to product viewer dialog for this item. The standard way to get the latest available
If an update is available, tap Download and Install . Key Features of iOS 14.7
New options to see followed shows versus all shows in the library. Added compatibility for the portable battery for iPhone
If you are specifically looking for what was included in this version, it introduced several improvements and bug fixes: