Good high-resolution specialized video-codec based (H.264 / H.265) digital FPV video systems like Walksnail or DJI hover at around 30ms of latency glass-to-glass.
Analog systems used in racing are at around 15ms glass-to-glass, with most latency coming from the camera's image processing, but would be a bit non-standard to train or build a system around without transforming back into the framebuffer/pixel-value domain, which would introduce some slight degree of extra latency.
There's a rather unique uncompressed transmission system called HDZero which roughly matches analog latency.
Purpose-built low latency uplinks add 5-10ms to get data turned around and back into the flight controller, albeit at fairly low bitrates as they're mostly serial based.
So, for realtime control (kinematics), which runs at the multi-kHz rate on racing drones, onboard control is pretty much a must, but for both short-term and long-term planning, offboard control becomes more practical.
Most non-FPV drones are already architected this way, with gyro-to-motor PID control performed on a microcontroller running an RTOS, short-term planning information coming in asynchronously from a larger SoC running Linux and ML-type stuff, and long-term control information coming down over the air.