Latency is the elapsed time from the moment you send a request to the moment you get the first useful byte of the response back. It is a duration, not a rate. A page that takes 800 milliseconds to start loading has 800 ms of latency, regardless of how much data follows.
People often confuse latency with throughput and bandwidth. Throughput is how many requests per second you can serve. Bandwidth is how much data fits through the pipe per second. Latency is how long one request takes. A network can have huge bandwidth and still feel slow if every round trip takes 300 ms, because each request waits a long time even though the pipe is wide.
Latency is almost never a single number. Engineers report it as percentiles: p50 (median), p95, p99. A service can have a 50 ms median and a 2 second p99, which means 1 in 100 requests is painfully slow. Averages hide this, so production systems are tuned against tail latency at p99 and p99.9.