I asked and found a solution with SystemVolumeDidChangeNotification never get triggered on iOS 14. The event would be triggered and can be observed in iOS 14 with the workaround I found.
override func viewDidAppear(_ animated: Bool) {
super.viewDidAppear(animated)
UIApplication.shared.beginReceivingRemoteControlEvents() // <- THIS LINE
NotificationCenter.default.addObserver(self, selector: #selector(volumeChange(_:)), name: Notification.Name(rawValue: "AVSystemController_SystemVolumeDidChangeNotification"), object: nil)
}
However, after upgrading the system to iOS 15 the event stopped getting triggered.