As noted, "maximum variance" is talking about your maximum
normal operation voltage, as in, you don't want the TVS mucking with this. A TVS should never conduct under normal input voltage. A TVS is not intended to be used as a voltage regulator, and doing so can damage it prematurely because they are not meant to conduct continuously.
(That said, note that it's not unusual to use a TVS to "eat" inductor spikes e.g. from relays / solenoids. Although that
is "normal operation", it isn't
continuous conduction because the spikes are brief.)
So if you’re protecting TTL with an absolute maximum of 5.5V, you’d need to choose a 5V TVS.
Uh... if your nominal voltage is 5V and 5.5V releases the magic smoke, I don't think a TVS is going to work. Now, to be sure, SMBJ is a commodity TVS and maybe more "sensitive" TVSs exist, but a 5V nominal SMBJ has a breakdown voltage (V
BR) rating of 6.40V - 7.00V and a maximum clamping voltage (V
C) of 9.2V. Say goodbye to your TTL.
Personally, if I'm using a TVS to protect something, I try to arrange for its
VC to be around 60-70% the max voltage rating of the device it's protecting. (For example, I have designs that use SMBJ18s with components rated for 48V.)