The Short Version
Apple released developer beta 2 of watchOS, tvOS, and visionOS 26.5 on April 13, 2026, two weeks after the first betas, with no new features, only bug fixes and performance improvements.
Two betas into watchOS 26.5 and there is nothing new for users. Bug fixes and performance work are useful but this is a light release. Developers can stop looking for hidden features; there do not appear to be any.