Same problem here. Beta 4 Running flawlessly in a separate APFS volume. Software update from 4 to 5. Appeared to install ok with no interruptions. Then on initial and subsequent boots crashes as described. Loud fan noise and then shutdown -> Kernel panic.
? bridge os issue
Able to revert back to previous Catalina Volume and be functional.
MBP 16 / 32 Gb / 2Tb
Seevan
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Melbourne, VIC, Australia