Apple has released the fifth beta of watchOS 7.1 and tvOS 14.2 to developers with the pair intended to be what the company will release to the general public if all goes well.
The new watchOS 7 and tvOS 14 beta versions can be downloaded from the Apple Developer Center by users enrolled in the test program, or as an over-the-air update by users who are running an earlier version of the beta software.
To install the new update, an Apple Watch must be at least 50% charged, placed on a charger, and within range of an iPhone. Updates on the Apple TV can be installed via the Settings app.
AppleInsider, and Apple itself, strongly recommend users don't install the betas on to "mission-critical" or primary devices, as there is the remote possibility of data loss or other issues. Instead, testers should install betas onto secondary or non-essential devices, and to make sure there are sufficient backups of important data before updating.
That's especially true for watchOS betas, since it's a one-way street with no option to downgrade to a previous version of the operating system.