The Entity Framework generates the following SQL for me:
SELECT TOP (1)
[Extent1].[StatusId] AS [StatusId]
FROM [dbo].[GaStatuses] AS [Extent1]
ORDER BY [Extent1].[StatusId] DESC
This looks like a reasonable way to get the desired result, although 'Extent1' is not easy to read. See for example How to read the last row with SQL Server.
Therefore, I don't believe there is a better or faster way to do this in Entity Framework.
But there is almost always a way to improve the performance of a given SQL query. For example, looking at the execution plan in my particular database, the ORDER BY does a clustered index scan. This might or might not be good from a performance point of view. So, depending on your database, you might be able to identify performance problems and improve performance by writing the SQL directly rather than having Entity Framework generate it for you.