The two title protagonists, Lewis Hamilton and Max Verstappen, took it to the very last lap of the very last race to decide the championship.
Latifi crashed with five laps remaining, resulting in the safety car, with the race then restarted with just one lap to go where the title was decided.
Sergio Perez was out of a seat until late in 2020 before joining Red Bull Racing as Max Verstappen's teammate this year.
Four days after winning the dramatic Abu Dhabi GP, the 24-year-old got his hands on the driver's championship trophy.
Mercedes announced on Thursday that they had withdrawn their appeal against the race result, but they remain deeply disappointed.
Sir Lewis is the fourth F1 driver to be knighted, following in the footsteps of Sir Jack Brabham, Sir Stirling Moss and Sir Jackie Stewart.
After clinching his maiden title, the 24-year-old Dutchman earns the right to switch out his regular race number 33.
The Dutchman later remarked on how it felt to go toe-to-toe with a seven-time champion during this 22-race season.
The Abu Dhabi GP saw Max Verstappen beat Lewis Hamilton to be crowned world champion in very controversial circumstances.
Verstappen won his first ever world title after a safety car right at the end of the race saw him and Hamilton race wheel to wheel in the last lap.