For me the most noticeable latency is when the lead vehicle slows. You can watch FSD quickly fall behind as the lead vehicle gets closer and FSD needs to apply more and more excessive braking action. In those cases FSD feels like it's processing data over 1 sec old - a time when the lead vehicle is more distant and traveling faster. Of course the lead vehicle's distance should get closer as both vehicles slow but the velocity differential drives FSD's urgency to brake harder and harder. There's a few scenarios like this that suggesting latency is an issue
As I think about the abrupt steering could, in part, be intentional to reduce as much system delay as possible.