No, you do not need to delete all the data to update to the new beta.
No you should not need another computer or drive. Though you may want to keep the beta in a separate partition so you still have access to your non-Beta installation if issues do arise.
Also remember Betas are confidential, you cannot discuss them here at all. You are entirely on your own if you choose to install them.
Read here: https://beta.apple.com/sp/betaprogram/faq
Is the public beta software confidential?
Yes, the public beta software is Apple
confidential information. Don’t install the public beta software on any
systems you don’t directly control or that you share with others. Don’t
blog, post screen shots, tweet, or publicly post information about the
public beta software, and don’t discuss the public beta software with or
demonstrate it to others who are not in the Apple Beta Software
Program. If Apple has publicly disclosed technical information about the
public beta software, it is no longer considered confidential.
Read our Terms for full details
No Support and Maintenance; Future Products. During
your participation in the Beta Program or in a particular seed, Apple
is not obligated to provide you with any maintenance, technical or other
support for the Pre-Release Software. If,
at Apple’s option, such support is provided, it will be provided in
addition to your normal warranty coverage for your computer and/or
device. You agree to abide by any support rules and policies that Apple provides to you in order to receive such support. You
acknowledge that Apple has no express or implied obligation to announce
or make available a commercial version of the Pre-Release Software to
anyone in the future. Should
a commercial version be made available, it may have features or
functionality that are different from those found in the Pre-Release
Software licensed hereunder.