I've tested new firmware if something changed in AV department and ... no, Y Pb/Cb Pr/Cr Full Range still doesn't work, new forced 5.1 audio doesn't work either because output is always 7.1.
And I noticed something strange going on when Linear PCM is selected as preferred format for BR playback, Dolby True HD 5.1 was sometimes decoded as LPCM 7.1 and sometimes as 5.1, strange and not really convincing especially when you can't bitstream Dolby True HD.
Meaning Limited still doesn't clip BTB/WTW? In my experience, the PS4 always outputs 'full' YCbCr, or in other words, always displays BTB/WTW. Which is not really an issue and is actually preferred. Either this setting still doesn't work properly, or I don't know what its purpose is, because technically there's no such thing as 'full' or 'limited' YCbCr. I always assumed it was the 'super-white' setting from the PS3 labeled 'YCbCr Range'.
Have to play around with the other settings.
edit: I don't know about you, but everything works as it should on my end in terms of Blu-Ray audio.
PS4 set to Bitstream (direct), result:
-DTS-HD MA/TrueHD 5.1 or 7.1 tracks output as is. Setting HDMI Audio to 5.1 or 7.1 has no effect, nor should it because that's the whole point of bitstreaming... the audio outputs as is.
-PS Dynamic Menu always outputs LPCM, so it will output 5.1 or 7.1 depending on what you have HDMI Audio set to.
PS4 set to Linear PCM, HDMI Audio 5.1 output
CHECKED, result:
-DTS-HD MA/TrueHD 5.1 tracks get decoded to 5.1 LPCM.
-DTS-HD MA/TrueHD 7.1 tracks get decoded and downsampled to 5.1 LPCM
-PS Dynamic Menu outputs 5.1 LPCM
PS4 set to Linear PCM, HDMI Audio 5.1
UNCHECKED, result:
-DTS-HD MA/TrueHD 5.1 tracks get decoded to 5.1 LPCM
-DTS-HD MA/TrueHD 7.1 tracks get decoded to 7.1 LPCM
-PS Dynamic Menu outputs 7.1 LPCM
So as far as I know, everything in terms of video and audio output is working as it should, except I'm still puzzled by the YCbCr range setting.
edit2: Perhaps discovered a nice little feature with BD playback. Before the update, IIRC, if you hit the PS button, it would ask you to quit the app, forcing you to stop playback. Now you can enter the PDM without closing the BD app and resume playback when you open it again.