No more do you have to reinstall each time a new distro comes up. Similarly, you don't have to reinstall multiple distros each time wiping your USB drive to just test a few games. Presenting the PS4 Linux multi-boot tutorial. This also includes a custom initramfs which will help you multi-boot.
Video tutorial for PS4 Linux Multi-boot
Custom PS4 Linux multi-boot initramfs
Setup and use PS4 Linux multi-boot
Detailed instructions are available here.