I just did a fresh install of Neon and lsb_release -a shows Ubuntu 20.04 . Will this get bumped to 20.04.1 in the not too distant future ?

Neon *is* Ubuntu 20.04.1, no matter what the command shows. It is probably that Team Neon either decided not to have it labeled as 20.04.1, or it is a minor oversight in their version of the config files that define the info read by lsb_release.