First, Welcome to Photrio.
Strictly speaking, a film's latitude refers to the range of exposures that can yield a desired result. A film with narrow latitude requires you to get the exposure right on. A film with wider latitude allows you to experiment with a range of exposures, which may lead to a range of suitable effects.
If there was a latitude "spec" it would describe how many stops of change of exposure - either reduction or increase - would still lead to something that you could use. It would most likely have to refer to a standardized image
Transparency still films tend to have limited latitude. This is due to the fact that they are designed to be shared via projection - they involve a single process which does not offer an intermediate step for further adjustment. And being designed for projection, they are inherently high in contrast, and high contrast usually means low or, more commonly, "narrow" latitude.
With transparency still films if you scan and print or post (or if in the past you printed using Cibachrome and masks), there is a bit more room to adjust, but you are definitely constrained by the nature of the original.
With a negative film/positive print workflow the potential for more or "wider" latitude is increased. Both the negative and positive materials are individually lower in contrast so they offer a wider range of exposures that will each lead to usable images. The total latitude of the combination is at least the sum of the latitudes of the two components.
If you wish to delve deeper, spend some time learning about film (and paper) characteristic curves. The way those are represented leads to a figure that looks like a tilted "S" where there is a small curve at the bottom (the "toe") a longer, straighter inclined section (the "straight line section") followed by a trailing away curve at the top (the "shoulder"). Roughly speaking, the film's contrast can be determined by observing the slope of the straight line section is, while the latitude can be at least approximated by observing how long and straight that straight line section is.