According to Variety, the "Latest" section focuses specifically on just released titles, movies and TV shows coming in the current week, and movies and TV shows coming in the week after.
Upcoming titles are teased with a trailer, and Netflix users can opt to be reminded when a particular TV show or movie becomes available on the service. Netflix plans to update "Latest" multiple times a day, with content personalized for each Netflix user. This appears to be separate from the New Releases and Trending sections that Netflix offers, as it also includes upcoming content.
The new section is accessible via the Netflix app sidebar and has started rolling out on Smart TVs, streaming devices, and game consoles as of Monday.