The update adds the third option of how to spend your night after your first day of classes. Previously you could only go to Matt's apartment or the frat party. You now have the option to go to the club, where all the new content is. Details on how to access the new content is in the post.
The continuation of the events at Matt's place will be in the next story update. It'll deal with the fallout of the decisions you made at the end of the night before.
Viewing post in The Club Update - Free Public Release Now Available! comments
At the end of day two is when the story starts to branch in different directions. When doing a full playthrough, you'd only be able to do one of the three evening choices before continuing on, with the story reacting accordingly. It's just so early in development that the continuing on part isn't in yet 🙂 Progress isn't lost in the sense that CGs you unlock will remain unlocked, but Connor won't be able to go to Matt's place and the party and the club in one single save. If you want to follow multiple storylines as the game continues, I'd recommend making different saves for each path . You can name saves now to help differentiate them from one another.