Hi Snovice,
1 : no firmware update at this moment, one will come in the next weeks but you can already enjoy it.
2 : in short, magenta is for rendering only (when your player like the Tidal app is decoding first, and the DAC is only rendering.
Instead of explain it all here, this is a link to a post where I fully explained it, you should understand the difference between magenta, green and blue with that : Tone 2 Pro - Khadas Audio Dashboard Sample Rate - #3 by Grooved
Regards