Memory latency was in the 10 ns ballpark 20 years ago and still is. This is unlikely to change unless memory is migrated to an entirely different physical storage mechanism.
And God said, "Let there be Cache." And there was Cache.
https://www.nextplatform.com/2017/02/23/promises-challenges-...
"AMD mentioned a latency increase of 7-8 ns when memory encryption is enabled, which results in a 1.5% performance hit in SPECInt"
Here we would be compensating with smaller data transfers. Wouldnt have to be an amazing algorithm, even RLE would probably give latency improvements.