My wife has issues as well with her Kickr bike on this release. Connected via wifi the connections screens are flashing on and off. Bluetooth is ok.
I think its something to do with this part of the release
Fixed an issue that could cause WiFi-connected fitness devices to be visible in the Pairing screen after being powered off.
I think what ever change that is is causing issues now in the pairing screen where its constantly checking for the wifi device being connected causing it to flash on and off
If you watch our twitch vod from where it starts this shows the pairing screen flashing
Just to add to this. I tested a Kickr Shift and it also flashes when connected via WIFI but my Kickr V5 connected just as LAN that has no wifi does not flash. So definitely something up with the wifi checking causing this