When you have Unlock with iPhone turned on, unlocking your iPhone unlocks your Apple Watch as long as you’re wearing it. An issue in iOS 14.7 affected the ability of iPhone models with Touch ID to unlock Apple Watch.
The update also addresses a memory corruption issue (CVE-2021-30807) with improved memory handling, in the IOMobileFrameBuffer component. The company said that “an application may be able to execute arbitrary code with kernel privileges,” adding that “Apple is aware of a report that this issue may have been actively exploited.”
An anonymous researcher was credited by the company for discovering and reporting the vulnerability (CVE-2021-30807).
As usual, the company recommends the updates for all users.