Yep, which is why it's so amazing that bands play to a beat that doesn't really exist - it's an agreed-upon moment in time that we pretend is the same for all of us, but when you're standing 20 or 30 feet apart, it isn't.
But latency is critical for tracking through headphones, especially singers; a little bit of latency can screw up your pitch perception as well as your timing.
Well, that's why we have hardware monitoring. You only really need the low latency stuff for recording software synthesizers / samplers or if you have a virtual amp, etc.
But latency is critical for tracking through headphones, especially singers; a little bit of latency can screw up your pitch perception as well as your timing.