As for the timing of this release, the anonymous social media account usually reveals the build number of a new iOS version a week before its launch. An outing next week would therefore normally be in order. However, since it is the holiday season after all, the update might be delayed until the second week of January, which is actually the first full week of the month.
This will be a minor update and should be installed immediately (it is always best, for security reasons, to have the latest operating system version available on your handset). It could contain patches to fix vulnerabilities or simply fix bugs affecting iPhone users. Considering Apple takes the time and effort to release a surprise update before iOS 18.3 is released, there must have been flaws spotted that concerned Apple enough to issue a patch. Sometimes Apple identifies a vulnerability that it has reason to believe has been exploited and in those cases, time is of the essence.
Then press the Back button in the upper left corner and you will see the prompt to iOS 18.3 Beta 1. Keep in mind that beta versions are not stable and once installed iOS 18.3 beta 1, you cannot revert to the stable version of iOS without having to erase your device. You will have the option to exit the iOS beta program once the stable version of iOS 18.3 is being discontinued at the end of next month. Unless nothing changes, we now expect iOS 18.2.1 will be available soon with iOS 18.3 should be released towards the end of the month.