The issue seems to have been finally resolved with the iOS 14.3 update. As mentioned earlier I have a Xs. I updated to 14.3 yesterday and since then there is no loss in the Network even once.

I have an Iphone Xs and i updated to iOS 14.3 and it has been almost 4 hours that the Network Data has not dropped. Keeping my fingers crossed. I will update if the issue is resolved permanently post the iOS 14.3 update.

I have been facing the same issue since i upgraded to iOS 14. The issue still persists even with iOS 14.1 and iOS 14.2. What i noticed is when i switch on my personal hotspot and connect my macbook then the network drop issue doesn't arise. Apple can you please look into the same as it has been almost 3 months I have been facing this issue. Whenever i travel i have to change the Voice and Data to 3G so that there is no drop in the Network Signal. This means whenever i am out there is no Data.