> To me, this implies a further disadvantage: extremely high latency when compared with in-person collaboration.

This is not an implication by all means.

Low-skilled not very well incentivized junior team (let's call it so in absence of better terms) needs more/most "in-person collaboration". Team of experts to whom the goals and the overall vision have been conveyed, who knows how to put it to practice, will give the shortest latency in async flows.

Don't take it as a personal attack, but people valuing high live discussions, are frequently those on the receiving end of it.