For Views fields where field collections having multiple option is present, there is a provision in views to display only a subset along with an option to reverse the order in which the field collections appear. This provides us the ability to place the latest FC items by reversing the order and selecting the first subset using delta option.

However, when the field collection is associated using a relationship so that individual FC items can be added as fields, in the relationship section the delta is present but if one wants to provide only the latest field collection data, it is not possible. I guess that having a reverse order with delta selected as 1 can provide the latest FC as per the default ordering.

Do let me know if any other alternatives are present that skipped my mind. Thanks.