Per Isostatic's point, Ive not worked with satellite comms but did work on tracing financial transaction links all over the world. It al went by cable and I remember having the conversations about why we didn't use satellites. The latencies are terrible. In yet another life I spent some time working in Saudi Arabia, the compound had a satellite internet connection and it was terrible. The bandwidth itself was fine, but the delay between clicking something and getting a response was painful.

The main problem is that most current satellite communications goes to geosynchronous birds that are a long way out from earth. The low earth orbit constellations companies like SpaceX are working on should mostly avoid the latency issues because the hop up to the satellite and back down again should be only a couple of hundred klicks instead of the 35,000 km plus, about three earth diameters, out to GTO.