It's manual, not on a schedule. Every release goes out under next-<major>, and latest-<major> only moves when a maintainer runs the Tag workflow for a specific version.

Before it moves the tag, that workflow installs the current latest-<major> of both pnpm and @pnpm/exe, runs self-update to the new version and checks that it works (--version, plus pnpm doctor where it exists). It only accepts stable versions, and it won't move latest back to an older major.

So some patch releases never become latest-*. In your example it has caught up since you posted. latest-11 and next-11 both point to 11.28.6 now.