Welcome!
There is no problem other than it appears Apple's "Department of Obfuscation" wrote the language in the dialog box. Some of their recent dialog box language is fuzzier than the stuff that comes out of our nations' capital!
Please see:
If you see "Software update is required to connect to your iOS device" on your iPhone, iPad, or iPod touch - Apple Support
What it does not say is that the download is a small file that appears to patch iTunes so it can be used like before to back up, upgrade, and synch iDevices with either iOS 14 or iPadOS 14 on Macs running a pre-Catalina OS, just like iTune always did.
I applied that patch to both my active Macs running Mojave, and they are still running Mojave today. iTunes is now happily managing four iPads ranging from an iPad 2 to an iPad 7 with zero issues.
It's safe, but always back up before doing ANY updates/patches. Belt and suspenders, ya know!