People demand 60fps, so systems prioritize throughput over latency. See all the layer-based systems like coreanimation.
My conclusion is that if being able to re-render the content consistently in under one frame time is feasible, it's a win over layers. Fortunately, this is possible if you're willing to write fast code to render on the GPU.
There's a lot more complexity to this based on whether compositor latency is optional. Generally if you go fullscreen you can bypass the compositor. This is feasible for games but much less so for terminals and editors. I think that in some cases on Windows a swapchain can be promoted to a hardware overlay, and there you also get the opportunity to save one frame of latency. I think we'll see more of this in the future.
I'll write about this in more detail (with measurements) soon.