MacRumors published a story that Apple has released the second beta of watchOS 7.4 to registered developers.
Apple Seeds Second Beta of watchOS 7.4 to Developers
Apple today seeded the second beta of an upcoming watchOS 7.4 update to developers for testing purposes, with the new beta coming two weeks after the release of the first beta and three weeks after the launch of watchOS 7.3 with "Time to Walk" functionality, expanded ECG availability, and a new Unity watch face. To install the watchOS 7.4 beta, developers need to download the proper configuration profile from the Apple Developer Center.