I can confirm it is working for me since this morning.
Till yesterday evening my iPad on 14.2 was constantly asking for my credentials. Even worse, after I deleted the outlook account I couldn't add it again. It was constantly saying that my (private) account was not a school or business account. This morning
I tried again and it worked.
What I noticed was:
yesterday while providing my credentials it was redirecting me to something link microsoftonline.com ....
this morning the domain was: https://login.live.com/
Maybe it was a routing issue. No further issues anymore.