You should absolutely stay on the firmware you are currently on.
If you are hoping for CFW or homebrew capabilities, you need to follow the Golden Rule of the scene. Always stay on the lowest possible firmware.
Every time Sony or Nintendo releases an update, they aren't just adding features, they are patching security holes. In almost all modern consoles, once you update, you burn eFuses or update authentication keys that make downgrading impossible. You only get one shot at this.
Look at the current state of the PlayStation 5 scene. It is the perfect example of why patience pays off.
Latest FWs have zero known entry points.
Mid FWs (e.g., 4.xx - 9.xx) have Kernel exploits, which are great for some homebrew and basic tinkering, but they still have limitations.
Super Early FWs: If you stayed on a launch-era firmware, the security landscape is completely different. Those super early versions contain vulnerabilities that were patched years ago, vulnerabilities deep enough that they can grant Hypervisor access.
HV access is the Holy Grail. It grants total control over the hardware, unlike a standard kernel exploit which is still monitored by the Hypervisor. By updating, people permanently locked themselves out of that level of control.