According to a current Apple Forum, multiple generations of iPhones have lost cellular data and/or signal following an update to iOS 14. This issue is not resolved by rebooting network settings, and will sometimes persist even through troubleshooting efforts such as restarting, factory resets, replacing SIM cards, and disabling the VPN.
Apple admits to certain iPhone 7's losing service after updating
While Apple has not admitted to this issue occurring over multiple generations of the iPhone, it issued a statement in March of 2020 stating that a select number of iPhone 7’s lose service after updating, due to a failed component on their main logic board.
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