https://wccftech.com/homepod-14-7-software-released-with-new-features-how-to-install/

Today, Apple has seen fit to release the new 14.7 software update for the HomePod and HomePod mini. If you happen to own the smart speaker, you can install it right now and take advantage of the new speakers. The latest update is highly recommended for users since the smart speakers have been running into some issues.

The new HomePod 14.7 software update is designed to work with the recently released iOS 14.7 update. According to Apple's release notes for the update, the new HomePod 14.7 software update allows users to manage timers directly from the Home app on the iPhone and iPad. In addition to this, Apple states that the update also brings general performance updates along with enhancing stability.