We report results from continued timing observations of PSR J0740+6620, a high-mass, 2.8-ms radio pulsar in orbit with a likely ultra-cool white dwarf companion. Our data set consists of combined pulse arrival-time measurements made with the 100-m Green Bank Telescope and the Canadian Hydrogen Intensity Mapping Experiment telescope. We explore the significance of timing-based phenomena arising from general-relativistic dynamics and variations in pulse dispersion. When using various statistical methods, we find that combining $sim 1.5$ years of additional, high-cadence timing data with previous measurements confirms and improves upon previous estimates of relativistic effects within the PSR J0740+6620 system, with the pulsar mass $m_{rm p} = 2.08^{+0.07}_{-0.07}$ M$_odot$ (68.3% credibility) determined by the relativistic Shapiro time delay. For the first time, we measure secular variation in the orbital period and argue that this effect arises from apparent acceleration due to significant transverse motion. After incorporating contributions from Galactic differential rotation and off-plane acceleration in the Galactic potential, we obtain a model-dependent distance of $d = 1.14^{+0.17}_{-0.15}$ kpc (68.3% credibility). This improved distance confirms the ultra-cool nature of the white dwarf companion determined from recent optical observations. We discuss the prospects for future observations with next-generation facilities, which will likely improve the precision on $m_{rm p}$ for J0740+6620 by an order of magnitude within the next few years.
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