Google has now released Android Studio 4.2 Beta 3 for early access testing and is available via the Beta channel. If your copy of Android Studio is already subscribed to the Beta channel, it can be downloaded using the Help > Check for Updates (Android Studio > Check for Updates) menu option.
Rather than introducing any major sweeping changes to Android Studio, the 4.2 release appears so far to focus mainly on bug fixes. This may change as subsequent Beta releases are issued.
If you want to try out this Beta release alongside the current Android Studio 4.1 version, simply download and install a separate copy via the following link: