The new "update" is mostly minor refinements. You can now name virtual desktops and they persist through reboot. Some refinements and additions to the Settings app. Cortana is now an app and you can type into it again, but it loses all home-automation and music integration, so it's purely an Office-related productivity enhancer now. Bleh. But it's separate from the OS now, updates via the Windows Store, so new features can be added more quickly. And you can move and resize the Cortana window now. If anyone cares.
There ARE big changes but only software developers would really care... support for docker containers is improved, and WSL2 ("Windows Subsystem for Linux version 2.0") is a big deal for people who want to develop software for both Windows, Android, and Linux/Unix distros. There are also improvements to "Windows Sandbox" which lets you test untrusted apps in a safe, secure sandbox that cannot possibly affect your actual system.
There are lots of improvements to security under the hood, new improvements for updates, and to setup/install/management tools for organizations, improvements to windows search, and task manager.
Not a whole lot for normal users, though if you pay attention, there should be a few visual improvements here and there.
And they'll start pushing out the "New" Microsoft Edge (which is a rebranded, enhanced "Chrome" variant now) which will transparently replace the old legacy Microsoft Edge. It actually makes the browser included with Windows usable... and the joke about "What is Edge good for? Downloading Chrome" becomes out of date, as Edge is essentially Chrome with some Microsoft enhancements... even can use the exact same Chrome extensions store.
Anyway. It's started rolling out slowly. If you deliberately click the "check for updates" button from the Windows Update section of the Settings app, you may see it and be able to get it. For most, it'll take a matter of weeks to start appearing. Most people should have the option to install by the end of July. If you don't seek it, and don't do anything, you won't automatically get it... you have to specifically state you want it, which is also a nice improvement.
The NEXT update (the "Fall" update, expect around late October/November) will be even smaller... just refinements and fixes with very few new features. It'll even install as a normal 'windows update' rather than a 'new version of windows upgrade'... so a few minutes instead of an hour or more.
The next "big" update will likely be a year from now.
Over the course of the next year or two, Windows will be phasing out support for 32-bit computers. Already, new versions of 32-bit windows are not sold to OEMs, so all NEW Windows 10 computers will be 64-bit. There will come a time in the future where anyone still using 32-bit Windows will no longer receive feature updates.