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Apple has released the second beta of iOS 14.5, iPadOS 14.5, tvOS 14.5, and watchOS 7.4 to members of its public software testing program.
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.