Maya 2022.3 provides MtoA 5.0.0.1 which includes new features, performance improvements, and bug fixes.
Image courtesy of Lee Griggs
MtoA 5.0.0.1 uses Arnold 7.0.0.0, which is a feature release that brings multiple enhancements to imagers such as: Intel's Open Image Denoiser, a new LUT mode to the imager_tonemap, and a new imager to control brightness and color curves.
You can now execute multiple parallel render sessions on CPU, have multiple outputs for shader nodes, and write AOVs to multiple formats and to multi-part EXR files. This release also includes GPU enhancements such as reduced VRAM use and matte support, and better USD support to improve your experience working with USD in Maya.
See the Arnold for Maya release notes for a list of recently added features and bug fixes.