It's really difficult to compare the latency of different protocols because it depends on the network conditions.
If you assume flawless connectivity, then real-time latency is trivial to achieve. Pipe frames over TCP like RTMP and bam, you've done it. It's almost meaningless to compare the best-case latency.
The important part is determining how a protocol behaves during congestion. LL-HLS doesn't do great in that regard; frankly it will perform worse than RTMP if that's our yardstick because of head-of-line blocking, large fragments, and the playlist in the hot path. Twitch uses a fork of HLS called LHLS which should have lower latency, but we were still seeing 3-5s in some parts of the world.
But yeah, P90 matters more than P10 when it comes to latency. One late frame ruins the broth. A real-time protocol needs a plan to avoid queues at all costs and that's just difficult with TCP.