Microsoft has taken a rather conservative approach with the rollout of its latest Windows 10 May 2020 Update, version 2004. While the Windows maker took a measured rollout approach for the past several feature updates, this time even clicking on the "Check for updates" button isn't showing the latest version to most users.
The manual installation route is always there but then Microsoft itself advises to install the a new version only when it appears for your device through Windows Update to avoid potential compatibility issues. The company has put several safeguard holds on the May 2020 Update due to a few known issues.
Users can now manually "seek" Windows 10 May 2020 Update
All that said, Microsoft has today announced that more users should now be able to see the latest version through Windows Update. Today's update noted that the users who are currently on Windows 10 May 2019 Update (v1903) or Windows 10 November 2019 Update (v1909) can now "seek" the latest version 2004 through the "Check for updates" button in Settings > Windows Update.
Microsoftadded that apart from these, the company is also starting to deliver version 2004 to more devices.
Current status as of June 9, 2020
Windows 10, version 2004 is available for users with devices running Windows 10, versions 1903 and 1909 who manually seek to“Check for updates” via Windows Update.We are continuing our measured approach on initial availability, as we listen, learn, and adjust.Today we are increasing the number of devices that will be offered the May Update.The recommended servicing status is Semi-Annual Channel.
Be aware that there are still some known issues with the latest release (complete list over here). However, if you see the May 2020 Update appearing in the Windows Update, it's likely that Microsoft thinks your device is ready for the new version and doesn't have any active compatibility issues. With today's first batch of cumulative updates for Windows 10 version 2004, the company also addressed a known issue along with delivering several security fixes.