I have an iPhone 11 Pro max, Airpod Pros, Apple Watch 4. On iOS 13 I had no bluetooth issues. I installed ios14 beta and started having bluetooth issues where, as stated, my airpods would randomly disconnect. I tried many things to solve, but the only thing that worked was downgrading from the beta 14, to public 13 ios.
When ios 14 went public, I installed it and have started having the same issues again. I did all the things I could to solve it, I worked with apple support over the phone to try many things, including replacements of the airpods. Nothing worked. They set me to a repair vender (BestBuy), and they could not detect any issues with the bluetooth on my phone and were unhelpful with any following solution, except for to send it in for 2-3 weeks to be looked at. No thanks.
Based on my experience with the issue so far, I think that iOS14 has introduced a flaw that makes the bluetooth more susceptible to bluetooth interference. I am not playing around with turning bluetooth off on many devices in my house and changing the channels of my 2.4ghz wifi.
This is obviously a known issue, as many people are experiencing it. Apple will not acknowledge it till they know why it's happening and can solve it in a buried update somewhere.