WhatsApp is apparently updating its privacy settings by allowing s to disable their Last Seen, Profile Photo, and About status updates for specific s. At the moment, you can set these to either Everyone, My s, or Nobody - so either anyone, or all your s can see your updates, or no one can. The update may help people who don't want to show their last active status, profile picture, or current About status to a particular but still want others to see them. In contrast, the Groups and Status feature privacy settings already let you choose specific s who are not allowed to see your updates or add you to groups.
In a report, WhatsApp beta tracker WABetaInfo says that WhatsApp is working on its updated privacy settings for both WhatsApp for Android and iOS beta versions. The update is said to introduce a new My s Except… option in addition to the existing Everyone, My s, and Nobody to let s hide their ‘Last Seen', Profile Photo, and ‘About' status from specific s.
A screenshot has been shared by WABetaInfo that shows the new option in place on Android s and for other privacy settings, including Profile Photo and About status.

WhatsApp for iOS is spotted with the new My s Except... option
Photo Credit: WABetaInfo
Among other settings, WABetaInfo reports that s who will disable their Last Seen status from their particular s would not be able to see their last active status on the app. This is similar to how you are not able to see the last active status of others if you have disabled their access to your status.
Back in 2017, WhatsApp updated its group privacy settings in November 2019 by adding the My s Except… option to let s have additional control for who among their s can add them to a group.
WhatsApp is reportedly testing its updated privacy settings internally at this moment, though it would be available to beta testers in a future update. Official details about the testing were not available at the time of filing this story.