Yes, the title is accurate. With iOS 14, Apple will finally allow users to set their default browser and email apps. Once this feature is available, for example, you will be able to set Microsoft Edge as your default browser and Microsoft Outlook as your default mail app. Google Chrome and Gmail users will also find this new improvement incredibly useful.
Apple iOS 14 also comes with several other features like all-new home screen experience, improved Siri and more. You can read about them here.