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There is an issue with 2FA that causes this, under system > permissions > 2 factor auth the user role can end up without permission to use 2FA but at the same time require 2FA to log in. This is probably not a good thing ! Turning on this permission for all our user roles has fixed the issue for us.

Stores > Settings > Configuration > Two Factor Auth also seems to be required. To get our new users to log in I had enable this and System > Permissions > Two Factor Auth as mentioned above.
If I just enabled System > Permissions > Two Factor Auth then I would get the same "Sorry, you need permissions to view this content." error. If I only enabled Stores > Settings > Configuration > Two Factor Auth then the user would get stuck in a redirect loop trying to log in. With both granted however it works as expected sending the user their email to register the 2FA and lets them in once completed.
I can confirm. After upgrade to 2.4.1, all admin users who are not Administrator role get redirect loop after logging in. Update the roles with 2FA permission solved the issue.
We changed the 2FA Controllers to use the generic "Magento_Backend::admin" ACL Resource which all roles should include instead of using the "Magento_TwoFactorAuth::config" ACL Resource to avoid this problem:
Github Issue 29884 - wrong ACL for 2FA.patch.txt
Most helpful comment
There is an issue with 2FA that causes this, under system > permissions > 2 factor auth the user role can end up without permission to use 2FA but at the same time require 2FA to log in. This is probably not a good thing ! Turning on this permission for all our user roles has fixed the issue for us.