I was pleased to see the introduction of the "Go to latest" in Windchill 11. Further testing and a PTC ticket showed it does not function when users have access to projects and also products/libraries.
The go to latest will always take you to the latest version in the container/context the object is in. this indication can be deceiving as the object might not be correct.
Consider the following 2 cases.
"Product A" contains a file with the following versions. 1.1, 1.2, 2.1, 2.2. the version 2.2 is then checked out to "Project A" as 2-1.1 and is updated to 2-1.2. In this case the "Product A" version 1.1 is opened via a link or history. In this case "Go to latest" will open "Product A" version 2.2. In this case the latest file is 2-1.2
"Product A" contains a file with the following versions. 1.1, 1.2. Version 1.2 is checked out to "Project A" as version 1-1.1. The project file is updated to 1-1.2 an is them sent to PDM as 1.3. In "Product A" version 1.3 is revised as version 2.1. Version 2.1 is checked out to "Project A" as version 2-1.1 and is updated to 2-1.2 before it is sent to PDM as version 2.2. In "Product A" version 2.2 is revised as version 3.1. At this point "Project A" version 1-1.1 is opened via a link. The "Go To Latest" flag will be displayed and take the user to version 2.1. In this case the latest file is 2.1
In both of these cases you should be able to configure Windchill to open the latest file a user has access to respective of the container/context the file is in. .