Developers can obtain the latest betas by joining the beta testing program or updating their devices running beta operating systems through the Apple Developer Center. Typically, public beta versions become accessible via the Apple Beta Software Program soon after developer releases.
The latest iOS and iPadOS 16.5 betas carry the build number 20F65 and succeed the fourth updates, which were released on May 2 with build number 20F5059a.
As release candidates, they are often the last betas issued by Apple before a formal release to the public.
Not many changes have been identified in iOS 16.5 up to this point, except for the addition of a Sports tab within the News app and the ability to prompt Siri to initiate screen recording.
The Sports tab will replace the Search tab in the News app, which Apple will move into the Following section.
As well as iOS 16.5 and iPadOS 16.5, Apple has also included release candidates for iOS 15.7.6 (19H349) and iPadOS 15.7.6 (19H349).
AppleInsider and Apple strongly suggest users don't install beta operating systems or other beta software on "mission-critical" or primary devices, as there is the small chance of issues that could result in the loss of data. Testers should instead use secondary or non-essential hardware and ensure they have sufficient backups of their critical data at all times.
Source: Appleinsider