PS4 system update 5.50 is out of beta and is now available to download. The latest firmware features a ton of new features including play time management, library user interface updates, quick menu improvements, and other features. There’s also the ability to supersample for PS4 Pro owners.
Here’s the full list of PS4 system update 5.50 features (via the PlayStation Blog):

Play Time Management
We?re introducing Play Time Management, which will allow family managers (and adult family members who are set as guardians) to manage PS4 playtime for child family members on family on PSN. Managing Playtime is easy; go to Settings > Family Management on your PS4, or log into your PlayStation account on your web browser from your PC or smartphone, to check and manage your child?s playtime each day. If needed, the family manager/guardians can apply playtime restrictions to make sure that the child is only playing for a set amount of time or within set playable hours. Notifications on PS4 will be sent to the child during gameplay so that he or she knows when they should save and quit. The family managers/guardians also have the option to add extra game time via their smartphone or PC. In addition, the family manager/guardians can choose whether or not to automatically log the child out of their PS4 once their playtime is over. Library UI Updates
“This PS4” and Name/Avatar tab
Two new tabs are being added to Library to make it easier for you to see which app...