It does affect when you have lost packets caused by high latency and connection time outs and stuff like that, it consumes additional time to get those again.
Just notice when you have low latency download starts and boost up immediately. Just like browsing, even if you have big bandwidth open any wesbite for example and look down the taskbar "connecting, connected, waiting domain..." with lower latency it's done faster. So basically latency affects everything but stuff more than others.
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