This is a bug / feature request in one.
When you take a look at the profile editor, you see an overview of your profiles. (Duh)
But there is no clear indication if that profile is using the latest version or the latest new snapshot. It all displays "Latest version".
Mojang, can't the launcher say: "Latest Official release" or "Latest snapshot"? Wouldn't that make a ton more sense?
I think this is intended and won't get fixed, as when you have select "Use latest version" and...
have "Enable experimental development versions ("snapshots")" enabled it uses always the latest snapshot
have "Enable experimental development versions ("snapshots")" disabled it uses always the latest Official release