I'm curious how alacritty compares to it. The alacritty devs basically consider another terminal app rendering faster than them to be a bug on their part ;-) But it does sound like it would be a good challenge.
Note: Alacritty prides itself on fast rendering speed, but not necessarily on low latency[0]. I'm a happy Alacritty/Linux user, but I'm not sure it would win on this benchmark.
I think some work has been done to improve it, but at this point IMO if you're on Windows then wsltty is as good as it gets for a general purpose terminal. If you're on Linux, xterm is top notch.
You typically need special hardware to measure it, or find review sites that go out of their way to cover it.