With blu-rays specifically DTS-HD MA and Dolby TrueHD are both lossy codecs that have compression algorithms that compromise very little if any dynamics and fidelity. Now as to the difference, that depends on how the master was done. Technically all of them should have similar potential, including multichannel PCM. Another thing to consider, most Blu-rays will have one HD audio codec available, the rest will be legacy or 2 channel. As a requirement all blu-rays have to have Dolby Digital 5.1 if the film had it. This is standard legacy surround codec that was available on DVD as well. In addition to that it may have Dolby TrueHD, Dolby Digital Plus, multichannel PCM, DTS-HD or DTS-HD MA (master audio). Usually (I assume almost never except for music Blu-rays) the Blu-ray will only have ONE of the HD audio codecs or multichannel PCM as it's highest quality audio track.
If the PS4 is anything like the PS3 it can decode HD codecs internally and convert them to multichannel PCM for output over HDMI if you set it up like that. This is what all HD codecs get turned into before being converted from digital to analog. This was relevant when Blu-ray first became available and receivers could decode multichannel PCM but not HD codecs. Unless you have a receiver incapable of decoding HD audio codecs there's virtually no reason to set your PS4 up in this way.