Latest is a part of Everything - this dynamicaly changes between Latest and Unread. there are also settings for the side bar notifications in the user preferences for sidebar.
if you want, you can add a link to /Latest and /Unread filters for your users in a custom link section that all users can see.
also you can change the tool tip for the hamburger icon to whatever you want in text replacement in js.sidebar.show_sidebar and js.sidebar.hide_sidebar
you can also use text replacement to change the name of “Everything”.