What does the orange dot on my iPhone mean?

Microphone Indicator

Apple added an orange and green indicator in iOS 14. The new indicators allows users to know when their microphone or camera is in use. The orange indicator in the upper right hand corner of your display means that your microphone is in use. This is a new privacy feature that allows you to know when apps are accessing your microphone or front/rear cameras. A green dot indicates that one of your cameras is in use.