The latency is introduced because LivePreview encodes, decodes and then plays the source audio at the quality and settings you have chosen.
Option-click on the LivePreview button on the WireTap Studio Controller and you will be able to monitor the source audio with virtually zero latency. Keep in mind however, you will hear the source audio at its original quality because WireTap Studio will no longer encode and decode the source audio at the quality and settings you have chosen.

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