EDIT: Fixed! There was an update today, 16/11/2020, shortcuts are back.
Same!
Odd, it worked on both my iPads on 14.2 for a bit, then ceased to work, but at different times. On my 12.9” it still worked last night, now it doesn’t. Stopped working a couple of days ago on my 11”.
Both 2019 iPP’s with Magic Keyboard.