There is a lot you can do to print a b/w negative that is technically flawed. With b/w negs, you have the capability to make extreme manipulations fairly easily, and without having to have a ton of technical skill or experience. That is what is meant by "latitude" when used in a general sense. It's the ability to make use of something that is not ideal by way of various manipulative tools in the darkroom.

In b/w, there are endless options in developing and printing, unlike with other processes. As far as exposure latitude specifically, and the ability to capture a wide brightness range on the film, I think color negs are superior. But you can do so much more, and so much more easily, in b/w developing and printing than you can with color developing and printing, so it is generally seen as the "easier" medium to work with.