The issue was addressed with improved permissions logic. This issue is fixed in macOS Big Sur 11.2, Security Update 2021-001 Catalina, Security Update 2021-001 Mojave, watchOS 7.3, tvOS 14.4, iOS 14.4 and iPadOS 14.4. A local user may be able to read arbitrary files.
https://support.apple.com/kb/HT212327
https://support.apple.com/kb/HT212326
https://support.apple.com/en-us/HT212149
https://support.apple.com/en-us/HT212148
https://support.apple.com/en-us/HT212147