Audio latency has been one of the biggest issue that I have experienced when recording virtual instruments in Reason. The effect of latency can be compared to how physically far you are from a guitar amp. Each millisecond of latency is roughly equal to being one foot away from your guitar amp. So a 10 ms delay is like playing 10 feet from your guitar amp. Once you are farther than 10 feet from your amp you might start to notice the delay between when you play your guitar and when you hear the sound coming out of your amp. For most guitar players the delayed sound affects their timing and performance. Guitarist need the guitar amp 10 feet (10ms) or closer so everything feels right.
Latency can be reduced on a computer when you select a lower buffer size or a higher sample rate. The problem is that these setting will put more strain on your CPU, and you might hear pops and clicks in your recording, which can end up being worse than the effects of latency.
So the line between low latency and audio glitches rely on your CPU power, audio buffer settings, sample rate, and most importantly driver performance.
The best way to reduce latency is to use an external sound card that has stable drivers. Two recommendations are the Focusrite Scarlett USB devices (3rd generation or higher https://focusrite.com/en/scarlett), or the Universal Audio Apollo Thunderbolt 3.0 devices (https://www.uaudio.com/audio-interfaces.html). Both of these devices offer low latency and stable drivers. Just avoid 2-in-1 laptops when using a Thunderbolt 3.0 device (see my other post for details https://www.afteraudio.com/2019/11/one-important-reason-why-100-focusrite.html).
Universal Audio Arrow settings
Focusrite Scarlett Solo (3rd generation) settings
The Truth About Digital Audio Latency
https://www.presonus.com/community/Learn/The-Truth-About-Digital-Audio-Latency
Dealing With Computer Audio Latency
http://www.soundonsound.com/sos/apr99/articles/letency.htm
Audio latency changes in Windows 10
https://msdn.microsoft.com/en-us/library/windows/hardware/mt298187(v=vs.85).aspx