Releases are made on a almost daily basis (after some backend changes, they will go back to twice daily). Once a ‘release’ is cut, a number of QA tests are performed. If all goes well then the release is promoted to stable and swupd will then update to this new version.
The GNOME 3.34 update seems to be problematic, so it hasn’t been pushed to stable. Looking at the 30120 changes, they may even be reverting it back to 3.32
I’m not sure it checks that path specifically, it’s more a proxy that will reflect that latest version. There are other locations that show the same information i.e. https://cdn.download.clearlinux.org/latest would be more likely and it should be pulling the value from your set mirror rather than a single path.
Where the first %s is the CDN url, and the second %s is the current format version number. This number can be reduced from the number in Manifest.MoM in /var/lib/swupd/<updatever>/Manifest.Mom. It’s at the top where it says MANIFEST <formatver>. And of course <updatever> is what shows in /usr/lib/os-release as VERSION_ID.