I have exactly the same problem with iPhone XR and iOS 14 problem. So annoying. Just tried yet another fresh install. Cog came back. I setup everything as I like it again. I then quit the app, launched it again and cog missing again! 😡😡😡
It's really annoying, I agree. Looks like I will have to leave Spotify and go back to... well... I don't know! What happens when a company has a monopoly and are not serving their customers? I also don't understand why this is only affecting you and me.
This only started after my 30 day free trial, which also coincided with IOS 14 update. Last time I reinstalled, I clicked the clear Cache button, closed and relaunched the app. The cog then disappeared again. It’s really frustrating, as you have to download all the music again, plus I can’t alter the EQ settings.