Yep, came here to post just that. I compared the beta on my other AppleTV's since I have some 2nd gens installed too. And yes, the liquid glass buttons look fine on the 2nd gen AppleTVs, on the latest betas. It's only that trash button that looks awkward on the 1st gen, which doesn't have any Liquid Glass effects at all.
The only tvOS Accessibility > Display setting I've toggled on any of these devices is the "Focus Style - High Contrast" one, because we prefer how that highlights what we're selecting on the tvOS home screen, but I tested that out too and see that particular settting has no effect on how the Channels trash icon is displayed.