This isn't latency in the same sense I was using the word. This is reciprocal throughput. Latency, as I was using the word, is the time it takes for an object to completely pass through a system; more generally, it's the delay between a cause and its effect/s. For example, you could measure how long it takes for an iron ore to be integrated into a final product at the end of the pipeline. This measure could be relevant in certain circumstances. If you needed to control throughput by restricting inputs, the latency would tell you how much lag there is between the time when you throttle the input supply and the time when the output rate starts to decrease.
>The idea that serial speed is equivalent to latency breaks down when you consider what your computer's hardware is really doing under the scenes, too. Your cpu is constantly doing all manner of things in parallel: prefetching data from memory, reordering instructions and running them in parallel, speculatively executing branches, ...et cetera. None of these things decrease the fundamental latency of reading a single byte from memory with a cold cache, but it doesn't really matter because at the end of the day we're measuring some application-specific metric like transaction latency.
Yes, a CPU core is able to break instructions down into micro-operations and parallelize and reorder those micro-operations, such that instructions are retired in a non-linear manner. Which is why you don't measure latency at the instruction level. You take a unit of work that's both atomic (it's either complete or incomplete) and serial (a thread can't do anything else until it's completed it), and take a timestamp when it's begun processing and another when it's finished. The difference between the two is the latency of the system.