Another way to look at this is that your exposure latitude is a function of two things:
1) the contrast of the scene you are photographing; and
2) how many effective contrast grades of paper you have available to you.
At one end of the spectrum, let's say you are photographing a subject that has both whites and blacks that you want to render realistically, and that the white value is in sun, and the black value is in shade. Let's also assume that you are going to make a contact print, and that you have exactly one grade of paper (#2) and one developer (Dektol).
In this situation, you have very little latitude for error, either in exposure or development, because you need to render a full tonal scale, and the only tools you have available to you are, ummm... exposure and development. The difference between the low value in shade and the high value in sun is about 8 stops.
If you underexpose the negative, you'll lose important shadow detail just above pure black, and if you overexpose or overdevelop, you'll blow out your high values, and they'll be rendered without any tone or detail.
Now let's change the situation. The scene is the same, but it's now overcast, not sunny. The difference between black and white is now only about 5 stops. Furthermore, you're using a variable-contrast paper, and you have filters that get you from grade #0 to grade #5, and everything in between. On top of that, you have both Dektol and Selectol-Soft (or a Beers developer) that can also adjust the contrast grade of the paper you're using.
In this situation, you have a ton of latitude! Assuming you give the scene enough exposure to get the low values above film-base-plus-fog, you can be off up to three stops in exposure (or the equivalent in over-development), and still get a printable negative. The contrast of your scene is much smaller than your effective contrast grades in printing paper (effective = actual paper grades +/- those attained with soft/hard developers), so you can take your scene's tonal scale, and move it all over the place, or expand and contract it at will.
I agree with everyone else that, whatever latitude you have, it's on the "high" side. If you underexpose the negative, and there are "low" values in the scene that are important, then you're SOOL. If you overexpose the negative, then it mostly depends on the range of the important values in the scene.
It's for this reason (and the decline in the ability of modern films and papers to separate the low values in the scene from each other) that Fred Picker, late in his career, changed the way he determined proper exposure. Rather than expose for the low values and develop for the high values, he said "Place the highest important value on Zone VIII, and expose." That exposure placed the low values in the scene as high up on the scale as they could go, and he could then use the other tools at his disposal (mostly paper grades) to place the low values where he wanted them in the print.