Today, Microsoft is releasing new Xbox Insider Preview builds for the Preview Alpha ring and the Skip Ahead subset of the Preview Alpha ring, and there's actually a new feature. In the new builds, there's a simplified settings experience.
Microsoft didn't go into detail to say what's changed, other than providing a screenshot. It only said that it's meant to be easier to navigate and manage, and that the categories and subcategories have been simplified.
Note that the two rings are on two different feature updates. If you're on the Preview Alpha ring, you're on version 1911, which is the minor feature update that should arrive next month. If you're on Skip Ahead, you're on 2004, also known as 20H1, and that's the feature update that will arrive next spring. The build numbers are 18363.8099 and 19006 for Alpha and Skip Ahead, respectively.
Because the redesigned settings experience is in both, it does seem likely that it will arrive to non-Insiders with next month's feature update. Microsoft didn't say anything about it being an experimental change like it's been doing with the redesigned dashboard.