If you are hoping for a full-fledged iOS 14 jailbreak, you should immediately downgrade your iPhone or iPad to iOS 14.1. This is because a major kernel bug has been patched by Apple in iOS 14.2 that could be used for jailbreaking iPhones running iOS 14.
Apple describes the kernel bug CVE-2020-27905 as one that could allow malicious applications to execute arbitrary code with system privileges. A Proof of Concept of this bug was shared by Simo on Twitter. He also notes that he could drop a kernel exploit based on this bug later which could then pave the way for a possible iOS 14 – iOS 14.1 jailbreak.
PoC for iOS kernel bug reachable from within the sandbox, I may drop the exploit later https://t.co/ypDxcOYbSC
— simo (@_simo36) November 5, 2020
To be clear, in its current form, CVE-2020-27905 is just a kernel bug. However, the bug can be used to develop a kernel exploit that could allow for the execution of arbitrary code from within the sandbox by malicious apps. Then, it is up to one of the talented developers from the jailbreak community to get to work and use this kernel exploit to build an iOS 14 – iOS 14.1 jailbreak. The exploit will not work on iOS 14.2 since the bug has been patched by Apple in the latest release of iOS.
Everything mentioned above depends on ifs and buts and a lot of hope. But if you are really hopeful of an iOS 14 – iOS 14.1 jailbreak, you should downgrade your iPhone back to iOS 14.1. as long as Apple is signing the firmware. The company has reduced the signing window for older iOS firmware to a week from two weeks earlier so you only have limited time in your hand to take this decision.
While checkra1n already supports jailbreaking iOS 14, it only works with a limited set of older devices and has a lot of stability issues.