Im super picky when it comes to audio, bordering audiophile, so messing with a bunch of equalizers is the closest i can get to having good audio without hooking the signal through multiple devices and amps and stuff.
I would imagine yes, it probably adds some amount of latency. Enough to be concerned about? I don't know, you would have to test it with your specific audio chain. Generally all sound effects add some latency but some of them probably add more than others (spatial effects being one of the worst ones).
If you don't notice any major problems while playing with the effects enabled you don't really have to do anything, but if you are concerned about audio latency I suggest you take a look at these threads for example: community/forums/topics/794196 community/forums/topics/790157 Effects and drivers seems to be able to make a pretty big difference
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