Latency is more important for CPUs, bandwidth is more important for GPUs. In an ideal world you have very high bandwidth and very low latency, but we don’t live in that world
CPUs waste less time and energy if there is less latency to get what they need, ie, no need to wait as much for the train to come into your station, GPUs are highly paralleled and so they cover for the other. But, they need a lot of data, so lots of bandwidth gives them the data that’s necessary.
In consoles, you make a tradeoff and consoles are built around tradeoffs. You can’t have low latency + high bandwidth and vice versa, but in these cases bandwidth is much more important to a console than the latency, because the latency is constant and you can account for it. Bandwidth isn’t so much constant and your engine can make a game require more from the memory and another is less.
So really, the memory bandwidth is what’s important here, not really the latency for the console in question. I should say more important, focusing on something we do not know or can’t see is a waste of time imo, because you can’t know how they’ll work around it.
That isn’t to say you want N64 style latency, but that was a unique and special case and not worth discussing.