1.76 Video Tutorial, several PS4 sceners including @GrimDoe on his YouTube Channel and e✘treme-Modding.de on their YouTube Channel have demonstrated running PS4 game backups on a 1.76 PlayStation 4 OFW retail console.
Among them is CUSA01127 - P.T. (Silent Hills) with the first part dubbed Silent Hill P.T. "It's Alive!!!" and the follow-up being Welcome Back to Silent Hill / Silent Hill P.T. (1.76) ran using the redesigned PS4 1.76 Advanced WebKit Playground by @0x199 and with kernel_hooks from USB.
Thanks to @HydrogenNGU for the heads-up on Twitter, @LightningMods on Twitter for the updated PS4 Homebrew Loader logo that e✘treme is currently working on and @SSShowmik for the news tip in the PSXHAX Shoutbox.