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

First, it's high latency, not extremely high latency. Second, it has huge advantages: 1.) While latency (in terms of how quickly you finish task) will increase, your bandwidth will increase too. Everyone get more done. 2.) With asynchronous communication, you are not interrupted by communication, you can do it in bulk.

In case there is something urgent, you always can do a call, or synchronous chat.