Just to clear all this up, here's what the Apple Support guide for iOS 14 says about Recents:
"The Recents album shows your entire collection in the order you added them to your library. When you use iCloud Photos, the changes you make to your albums on one device appear on your other devices too."
In Photos on your iPhone, view photos and videos and browse through your photos and videos in the library.
support.apple.com
So Apple calls it an album too. Sorry to have created any confusion about it. It's a visual difference between the two devices.