Coupled populations of identical phase oscillators with higher-order interactions can give rise to heteroclinic cycles between invariant sets where populations show distinct frequencies. For these heteroclinic cycles to be observable, they have to have some stability properties. In this paper, we complement the existence results for heteroclinic cycles given in a companion paper by proving stability results for heteroclinic cycles for coupled oscillator populations consisting of two oscillators each. Moreover, we show that for systems with four coupled phase oscillator populations, there are distinct heteroclinic cycles that form a heteroclinic network. While such networks cannot be asymptotically stable, the local attraction properties of each cycle in the network can be quantified by stability indices. We calculate these stability indices in terms of the coupling parameters between oscillator populations. Hence, our results elucidate how oscillator coupling influences sequential transitions along a heteroclinic network where individual oscillator populations switch sequentially between a high and a low frequency regime; such dynamics appear relevant for the functionality of neural oscillators.