iOS 14.5 is a major update with a long list of new features, including the ability to unlock an iPhone with an Apple Watch, 5G support for dual-SIM users, new emoji characters, an option to select a preferred music service to use with Siri, crowd sourced data collection for Apple Maps accidents, AirPlay 2 support for Fitness+, and much more.
The update also introduces support for AirTags and Precision Finding on the iPhone 12 models, and it marks the official introduction of App Tracking Transparency. There are a long list of bug fixes, with Apple addressing everything from AirPods switching issues to the green tint that some users saw on iPhone 12 models.
A big update for such a small version number, and a lot of good stuff in there. Apple also released macOS Big Sur 11.3, which is a smaller update than the iOS one, but still contains some nice additions such as better touch integration for running iOS apps on the Mac and improved support for game controllers.