You can install both the new OMN release software and the Beta on the same machine. They are separate installations, and have their own settings and local database files. They do however share the map data.
OMN Release is our officially supported system.
OMN Beta is our latest offerings, and whilst generally stable, may cause some issues. As new features become stable, we release them into the stable officially supported channel.
The Beta software should not affect the officially released system, so you are free to run both if you wish.