The update only contains August 2017 security patch, and it doesn't bring any new features whatsoever. While this update would have been more exciting if it had brought Nougat 7.1.1, which is already available for most of the eligible Moto devices.
The update is already rolling out to the users of Moto G4 Play in phases. If you did not receive the update wait for few days or try checking for it manually by heading over to system updates section in the Settings app. Make sure you've at least 50 percent juice left on your phone before updating it.
Also Read: You can now update your Moto G4 Play to Android 8.0 Oreo via Lineage OS 15. Android 8.0 Oreo comes with exciting new features. Check out this post on how to Install Android Oreo on Moto G4 Play.