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It’s updated whenever your package manager puts up the new version. If you’re using something like Ubuntu or Mint, then you’re using apt as your package manager, which takes a while to update stuff because they like to test it for a while first.
Although Linux Mint provides their own repositories for their own packages, likely making it first-serve to mint users
Its supposed to release early next year but if you’re on the stable channel it might be a little bit more of a wait. Someone can correct me if I’m wrong but when its released and you run your system update, cinnamon will be updated.