Its a delay man. Like watching the News a decade ago and watching the news anchor have to wait for what the reporter says in order to respond. It is the time that elapses from when the source sends a packet until the destination receives it. Like Jon Snow to the “Iron Throne” in Game of Thrones, a content creator is to latency…”I dun’t want it.”
The amount of latency/delay in your stream really is a product of your workflow; equipment selection and bandwidth…your resulting stream is only as good as your weakest link.