*****Important, since all TV's label it differently, but all these terms mean the same thing, observe:
Full : High/Normal : Wide : RGB 0-255 = all equate to Full RGB setting on PS4
Limited : Low : Narrow : RGB 16-235 = all equate to Limited RGB setting on PS4
In summary: Your TV and PS4 need to match. Full to Full. Or Limited to Limited. As others have said, it's not like one is necessarily 'better' than the other. They just have to be the same between devices. And don't trust the PS4's Automatic setting, depending on the type of TV, the PS4 and TV do not necessarily communicate proper RGB color ranges properly. Check your devices manually and make sure they match up and SET IT UP MANUALLY.
PS4 Limited + TV Limited = You're Good
PS4 Full + TV Full = You're Good
PS4 Full + TV Limited = Not Good. Crushed Blacks. You'll get a more vibrant image, but don't be fooled, this is not good since games will start being overly dark, especially in darker areas, it'll be impossible to see.
PS4 Limited + TV Full = Not Good. Washed out, dull, flat image. Everything seems too over-exposed, and blacks appear "greyish"