Getting this on 3.553 and Big Sur 11.2.2. Sorry it's not the alpha but I don't think this has been a reported-and-fixed error since I can't see it anywhere.
The above video shows me trying (and failing) to do Hyper+A.
As you can see, holding down caps lock firstly causes the hyper keys to "blink" rapidly a bit. Then, when the A key is pressed, even though I continue to hold down caps lock, the hyper keys automatically release.
I've used the default settings for both the caps lock keyboard action & the hyper trigger, as you can see below: