New in iOS 14 will be the ability to notify if the tracked user does not arrive at the designated place and time. The locator already sends a notification if a person arrives at the right place at the appointed time.
The innovation is that instead of multiple notifications, you will receive one. for example, if for some reason a child does not appear at school at a certain time, you will receive a notification and will be able to track the child's movement after the fact.
Here you can find iOS 14 download link and iOS 14 release date
You can also enable sending notifications when a user leaves a certain place earlier than the set time, such as a child leaving school earlier or a friend's house earlier. You can also configure alerts based on the days of the week.
Another change to the Locator app in iOS 14 will be support for augmented reality. The lost device can be searched in AR mode. Most likely, this feature will work in conjunction with trackers for searching for AirTag items, which may be released this year.