After upgrading to 5.4 I realized that we cannot use Latest Data feature. At least as effectively as in previous versions. That's critical.
In previous versions we see all applications involved in host at once (see pic) and can effectively fold/unfold needed applications, hence items. Then checkbox needed items and make on-the-fly graphs. And you're done. It's like tree.
Today with 5.4 we have only long list of items, even cannot filter out effectively by proposed replacement application tags as we don't know which tags are present. You must scroll down through all items and find necessary tag, than copy-paste it to filter out.

So it's clear that in 5.4 Applications is removed but there's no good replacement for this great feature in Latest Data context.