What is latency?
The delay between audio entering a system and leaving it, introduced by buffering and by processing. Plugins that do not process audio, such as a lyrics display, report no additional latency.
This is why insert position for a display-only plugin is a tidiness decision rather than a sonic one.
The third-generation Virtual Studio Technology plugin format created by Steinberg. It is the standard way third-party instruments, effects and utilities load inside a DAW on Windows and macOS, using one shared plugin folder per system.
How many samples the audio interface processes per cycle. Small buffers reduce monitoring latency for the singer and raise CPU load; large buffers do the opposite and suit mixing rather than tracking.