Not the person you asked, but generally you might want to look at "frame-based" profilers. These are typically used in video games, but the concept is general, and can apply to other applications. The "frame" could also be something like a request or transaction being processed. I like Tracy[1], myself.

Another latency metric that you'll see, often w/respect to web apps and microservices is "P99" and similar. This is the amount of time in which 99% of requests get their response. For a higher percentile, you get a better idea of worst-case performance.

[1] https://github.com/wolfpld/tracy

Latency of what particular system?