MacRumors published a story that Apple has released the release candidate for watchOS 9.5 to registered developers.
Apple Seeds watchOS 9.5 Release Candidate to Developers
Apple today seeded the release candidate version of an upcoming watchOS 9.5 update to developers for testing purposes, with the software update coming two weeks after the launch of the fourth watchOS 9.5 beta. The RC represents the final version of watchOS 9.5 that will be provided to the public.
Apple Seeds watchOS 9.5 Release Candidate to Developers
To install the watchOS 9.5 update, developers will need to download the configuration profile from the Apple Developer Center.