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Yes, what's strange? This is the beta release or release candidate or pre-release snapshot for a version that will enjoy long-term support.
I'd say "release candidate" is a much better name but probably they're testing Ubuntu-specific features and those are in beta. Then it makes some sense
Yes. Debian uses words like Milestone and freeze : https://release.debian.org/bullseye/freeze_policy.html Ubuntu uses the word Beta.
Does it have the option of using TPM to unlock a LUKS2 encrypted partition like the previous betas? Or was that dropped?