Isn't Wayland always one frame delayed compared to Xorg to avoid tearing or has that been changed? If so, his very high refresh rate would minimize that effect
Compositing requires the GPU to do some extra work to draw the frame to be presented. This typically takes very little time (much less than a full frame period). Additionally, most wayland compositors will bypass that extra step if an application is full screen (wlroots calls it "direct scanout").
Also some wayland compositors keep track of timing and delay the final composition until right before it is time to present the frame in order to reduce latency.
Turning off compositing before launching a game is maybe a bit misguided, sort of like turning on the "classic theme" in Windows 7 before launching a game. It might save some memory, sure, but latency should be identical.
Should be, but very clearly isn't.