At 17th level, sorcerers learn one new spell and can swap one known spell for another sorcerer spell, "which also must be of a level for which [they] have spell slots."
Does this mean upon reaching 17th level, the sorcerer could learn a 9th level spell and replace a known 8th level spell with a known 9th level spell?
I realize that regardless, the sorcerer could only cast one 9th level spell per day.
Additionally, when you gain a level in this class, you can choose one of the sorcerer spells you know and replace it with another spell from the sorcerer spell list, which also must be of a level for which you have spell slots.
That is exactly correct. When the sorcerer hits level 17 they can learn one new 9th level spell. And since they now have a 9th level slot, they can replace an 8th level or lower spell with a 9th level spell if they so desire.
Note that they could even replace a 1st level spell with a 9th, it need not be an 8th level spell.
Sorcerers have limited spells known. Upgrading another spell to a 9th level spell will guarantee that one of those 9th level spells will not be able to be cast per long rest. If you intend to do this, be sure that it is the wisest use of your resources.
1- Thanks @András
Yes, a 17th-level sorcerer could swap out one of their lower-level known spells for another 9th-level spell.
