Sounds like the latency you describe may have more to do with how you were monitoring, while recording. The various delays imposed by Isaac Newton n pals can often stack and cause cumulative timing issues that frankly cause a track to lose its rhythmic focus and tightness.
For an easy example, in an analog tape model (which is a useful analogue to the modern digital models, next), you might just record using a mic, overdubbing to tracks.
You would play thru the air into a mic routed thru the system straight to the recorder (no digital or effects yet). When it reaches the recorder it gets on the tape via the record head. However while you were generating the music being recorded, if you are listening to a signal generated by the playback head, the physical distance between the two means the new music recorded on one head will be offset in time very slightly compared to the sound you were hearing from the other head (physical distance between heads + time it takes for all that light speed magic thru the mixer n stuff). Add tracks and that delay stacks. If you aren’t playing tighter than a crab’s posterior, you lose the groove. W tape u do stuff like using the less-hifi REPRO function to monitor off of the record head, but if ur setup is calibrated well and you don’t put monitors too far away from performers, you can play live to the speakers in the room if the band is feeling it and nothing in the room w the speakers is needed to be recorded via the mic on tape. There is some delay of course from the speed of sound in the air of the control room monitors to the musicians’ ears (1.1 millisecond per foot, slightly less in Nepal, Denver and Mexico City), your own body’s ability to respond, etc., but it’s definitely done and doable. Personally, I prefer headphone monitoring while recording my own performances.
W a lot of digital stuff the latency comes from a lot of sources but u can think of some of them similarly to distances between recording, playback, etc.
For example, when the live music hits the mic and the electrons go into the computer, that digitization takes a certain amount of time (a/d conversion latency). Then there’s the time the computer needs to think about every command it executes. Tape doesn’t really have this ‘dsp’ latency the way computers do. The value of computers are often defined in part by their ability to process as many of such commands as they can at once, as quickly as possible. Then when you are playing it back, turning that post-dsp stuff back into sound for you to hear thru headphones or monitors takes another little bunch of time (d/a latency).
Then, when you record, you stack your own accuracy with those two factors (‘time to make the sound for you to listen to + your timing accuracy to what u hear + time for the computer to digitize the overdub you are recording’) and the problem escalates quickly (for example, I found using external time-based effects via FireWire on my DM destroyed my delay timing, especially when I tried to route analog digital delays into my mix using the computer and the FireWire card on the DM. Using TDIF, ADAT, AES-EBU and analog I/o on the DM was much better for the timing of those delays than digitizing through FireWire, even though each also has its own latency and conversion delays to consider.
There are all kinds of techniques, technology, etc to combat these issues (for example, on the computer you have low-latency mode, latency compensation, spending $ for gear designed to have minimal latency, not having a 50’ recording studio room, and getting really good non-verbal communication w your fellow musicians).
Anyway, if you work to ensure your timing is good as a musician, and you center the rhythmic integrity and tightness of your recordings by simplifying and mastering your gear enough to learn and track down/eliminate the sources of your latency, you can definitely record multitrack stuff that sounds together and powerful.