Hi! I don’t consider your comment a hijack at all, since KMS/DRM is supposed to be the low-latency enviroment by default, and this thread is about low-latency enviroments (which of course can’t be guaranteed or replicated on a sane way on a closed system, so even if someone has low latency results on Windows with an NVidia driver, it has no importance or meaning because it’s an empty achievement no one can technically replicate because we lack any meaningful information, as @Joystick2600 pointed out).
That said, KMS/DRM and X11 are mutually exclusive: you can run a KMS/DRM program on a different TTY, however, without killing the X11 server.
Wayland uses the same interfaces to access the hardware that KMS/DRM uses, so you should have the same latency on Wayland that you would get on KMS/DRM, I guess.
Wayland is great for desktop systems and KMS/DRM is for embedded-like GNU/Linux scenarios, where a machine runs RetroArch or any SDL2 games (SDL2 also supports KMS/DRM but libretro/RetroArch is WAY better for emulation) and nothing more.
So, if you want to have a desktop on the same system installation where you use your emulators, use Wayland.
If you are like me and don’t need a desktop system to play, use KMS/DRM.
That’s what I can recommend you 
About FPGAs, well, I love both RetroArch on KMS/DRM on a system booting in 1 second without ANY services (only GNU/Linux makes it possible!) but I also love FPGA solutions. Hardware replication is beyond awesome, even if for playing MegaCD all you need is a Pi4 with RetroArch on KMS/DRM and a single buffer configuration without vsync.
@Joystick2600 Let’s reconduce this important thread then! It seems the Windows/NVidia person polluting it has got tired at last. If we ignore toxic people, it can be a great source of information again, now that sir @Brunnis is at it again!