Apple on Tuesday released the first betas of iOS 15.5, iPadOS 15.5, and macOS 12.4 for developers. While it’s still unclear what’s new in today’s updates, the release notes for iPadOS 15.5 make it clear that Universal Control may not work as expected if all devices are not running the latest betas.
As detailed on the Apple Developer website, you cannot use Universal Control between devices running different versions of iPadOS and macOS. This means that if you install iPadOS 15.5 beta on your iPad, you must install the macOS 12.4 beta on your Mac to keep Universal Control enabled.