MacRumors published a story that Apple has released the watchOS 7.5 release candidate to registered developers.
Apple Seeds watchOS 7.5 Release Candidate to Developers
Apple today seeded the release candidate version of an upcoming watchOS 7.5 update to developers for testing purposes, with the new beta approximately a week after the release of the third beta. To install the watchOS 7.5 beta, developers need to download the proper configuration profile from the Apple Developer Center.