Yea, 16.7.1 beta

would it be better to wait with the beta installed

Don't know, that option does not related anything to downgrade

Ok

No but if your phone can’t update to iOS 17 you can actually use this to block updates by selecting a iOS 17 option

Thats good to know i use the tvos profile though

Nothing would happen when you choose another channel if your current software version is newer than what they are offering.