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I am on 11.1b2 and tried to add 11.0.1. You cannot go back even via a USB install.
However, moving forward I was able to add a Volume and create another 11.1b2 installation. The idea is that once 11.1 is final the main volume will run the release version while I can test app development on the follow on betas.
I finally deleted one of the Volume Groups. You had to authenticate to iCloud after every switch and then I ran into Watch unlock issues. Not worth the trouble.
 
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