Windows 10 21H1, that is, the new version released next year will be a small update, this version of the small update does not have any new features.
The reason is that Windows 10 20H2 is already a minor update and the next spring version cannot enable other features until the major version update next fall.
Some time ago, the Windows 10 Dev development channel was switched from manganese (mn_release) to the iron branch (fe_release), and the original iron branch represented the next spring version.
However, the media report pointed out that the 21H1 version of next spring has been finalized, or that it has been completely skipped because Microsoft is preparing for the 21H2 cobalt branch.
It is reported that Microsoft is currently internally testing the Windows 10 Build 21264 version, which is still being tested and therefore has not yet been released for beta users.
The version channel has become the co_release corresponding to 21H2. The internal development code of Windows 10 21H2 is co_release.
The next fall version is considered a major version update, so Microsoft needs more time to develop, this version will contain a lot of new features and user interface changes.
The 21H1 minor update has been finalized. Considering the many new features that come with major version updates, it is reasonable for Microsoft to develop in advance but will gradually release beta versions for testing thereafter.