I have observed this behavior as well in all builds of iOS 14.5. The setting does eventually appear after a delay, usually 30-60 seconds after the phone settings are opened. Additionally, I’ve noticed issues with granting apps permissions in this section once it does appear, causing the toggles not to immediately enable, and instead shows a spinning wheel. I have submitted feedback for the issue.
RickNY
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This delay still occurs in iOS 18.1 RC (22B82) on iPhone 16 Pro when Apple Intelligence is enabled. This is an unacceptable amount of delay for time sensitive notifications, for example - push notifications from the Duo MFA application do not appear until 10-12 seconds, and the time out to response is only 20-30 seconds. I filed my own feedback fro this under FB15418918, which reports "More than 10 similar reports". The only solution I've found is to completely disable Apple Intelligence.