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Furthermore, is latex paint toxic to plants?
Latex paint contains mostly water, it is water soluble and will be diluted even more while the brushes etc are being cleaned. It is not hazardous and not really toxic. The only real problem with latex paint is, fumes, VOCS, Volitle organic compounds, but as for washing brushes in the yard there should not be a problem.
Similarly, is it safe to paint raised garden beds?
Yes! Let it Rot! Coating the boards with beeswax will give it some extra life without adding paints or solvents to the soil, but it's not cost effective. Letting the pine board decay will enrich the soil Think of it as a soil amendment.
Garden beds, framed with cinder block, may be fine for flowers and other nonedible plants, but be wary of using them to frame gardens that will be home to edible plants and medicinal herbs. There is the potential for toxic materials to leach from the cinder blocks into the soil.