If the official release is 1.4, and I selected to opt out of the beta, shouldn't the options
menu specify 1.4 as opposed to the BETA version, which if I remember before
was 1.4.21. Or are they the same thing?

The official release number is the same as the final beta release number.

Same version number.

I'm not sure how many threads we need on this exact same issue...

You can't opt out of the Skyrim beta now because the Skyrim beta no longer exists on Steam. If you were previously opted into the beta, when you open up Steam today, you will find that you are not enrolled in that beta program. If you had the last beta build (1.4.21.04) then you already have the latest version of the game, so no download is necessary. Nothing was changed from the third beta build and the update that was released today.

Might be worth GStaff clarifying this in a sticky post or announcement to try and cut down these threads, the confusion is understandable

Please use this thread

http://www.gamesas.com/topic/1341234-unofficial-patch-14-pc-issues-thread/