Let's see step-by-step how the Application Update works with screenshots. Keep in mind at this time you need to manually trigger the update process.
And this would be the case during the Beta timeframe.


Use Help > Check for Updates... option

 


Notify about the newer version availability

 


Downloading the Updates

 


Updates downloaded and ready to be applied.

 


Updates installed and ready to launch the newer version

 


Verify the Version number from Help > About