Very true. A fighter jet has very low latency but also low bandwidth. A cargo ship has huge bandwidth but extremely high latency. The 2 are somewhat related as most protocols need low latency to get higher bandwidth, but thats because of optimizing for common conditions & not a technical limitation.
Gaming & voice/video applications are the most sensitive to latency. 100ms of latency is noticeable, 300ms is the limit for playability on first person shooter games.
Geosynchronous satellites like Hughes have a best case scenario of about 600ms due to their distance & the speed of light. Starlink is 40-60ms or so. For reference it's 60-70ms to get from the east coast to the west coast over fiber.