YES. To put it crassly, it's like your brain is The Matrix.
I was driving the other day, thinking about reaction times and had the actual tangible feeling that I was just behind 'reality' because we don't actually see, feel, hear reality we see, hear, feel the brain's interpretation of it, and so it's ever so slightly behind 'actual' (are there variations in processing speed? And how do the fringes of these variations affect one's ability to exist in society?).
We are all living a very recent, rolling memory. Operating system loaded into RAM.