The new update adds the ability to lock yourentirewatch, not just the wallet.
Select On if you want to have to enter the passcode each time you put your watch on.
Which Garmin watches are getting the gear passcode feature?
I havent found things to be buggy, although thats always a risk withanybeta program.
Garmins instructions for enrolling in the beta program arehere.
Within an hour, you should be able to set up the latest software.