PS4 Latest Firmware means that you cannot jailbreak your console. All the models of PS4 consoles like FAT, Slim, and Pro can be easily jailbreakable. But you can only jailbreak the limited PS4 firmwares like 4.05, 4.55 and 5.05. On the other hand, if we talk about the jailbreak for 5.50 or 5.55 then here is a good news for you. They jailbroken privately but still not released publicly. An example, if you are on a lower firmware like 4.70 and you try to jailbreak your PS4 console then first you need to update your console to 5.05 manually. If you update your console through internet then your console version will automatically be updated to the latest version i.e., 5.56. Once your console firmware updated to the latest version I mean above on 5.05 then you lose the opportunity to jailbreak your PS4 console.
So, the query is how to update the PS4 console firmware? Maybe you are not aware of that, a PS4 console can update with the help of a USB/flash drive. It means, if you update your console firmware with the help of a USB then you can update your console to any of the PS4 firmwares as per your choice. So as I told you above for an example if you are on 4.70 firmware and the jailbreakable version is 5.05 then first you need to download the PS4 firmware version from the below PS4 Firmwares and update your console firmware to 5.05 then you are able to jailbreak it.