Apple has pushed the third macOS Monterey 12.5 beta to developers. Apple has yet to provide any release notes, so it’s likely that there aren’t any obvious new features.
Update 6/24: Apple has released the fourth beta for macOS 12.5.
macOS Monterey 12.4 was similarly light on new features, bringing small updates to the Podcasts app and a firmware update to the Studio Display. The update also took Universal Control out of beta and contained more than 50 security patches, so it’s an important update to install.
The 12.5 beta is first available to developers, with the public beta arriving soon afterwards. To try out the beta, you can register for the Public Beta program on your Mac.