The first number is for a full build. v1 = the finished product (v2 means the next version)
The second number is for an update. v1.1 = the finished product plus a content update.
The third number, if it exists, is the most controversial. Sometimes it's used as bug update, sometimes it's replaced with the year or date.
Examples of this usage are minecraft, league of legends, world of warcraft, overwatch and more.
Versioning is not universal and doesn't need to be, there are many different ways to do this. But v0.10 Beta 3 meaning v0.9.5 makes the least sense. This is a new update with new content, and everybody understands that because of how it's versioned.