Since this new patch for the Parental Controls app was recently released, it does indicate that this apparent 5.0 firmware for the Switch should also be rolled out soon.
Nintendo recently rolled out an update to the Nintendo Switch Parental Controls app on iOS/Android. We don't know but it can't be too far away otherwise these features added to the parental controls app can't be used until then.
Many Switch owners have been long awaiting Firmware 5.0.0, imagining this next big update might bring yet untold software functionality to the system. Since launching back in 2017, these updates have added features like the ability to record video or to locate missing controllers.
The time range for the bedtime alarm has been extended to between 16:00 and 23:45.
As you can see from the update notes, the new app has features which require you to update your Switch console to version 5.0.0. Others, however, have set their sights on updates that they truly do believe are possible: such as backup saves, folder organization and more customization options to make the Switch truly feel as though it belongs to you.