I keep hearing that low-latency software is very important to music production, but it's very unclear to me why this is so. I'm about to try my luck with some music production after some time, but my current PC setup is not low-latency, so I'm trying to decide if I should upgrade the software (at considerable effort), or just stick to the high-latency setup I'm working with now, which I also use for daily work.
So I would like to know, what am I missing out on in terms of music production in general, by not using low-latency software? What side-effects, problems can I expect that low-latency software is supposed to solve? Will I not be able to use patchbay software effectively? Will I be unable to record / have lag in my recordings? Noise / skips / screetches? Will midi input accuracy via piano keyboard suffer?
PS: My particular setup is a linux setup; my question is a general one, but any advice specific to linux music production workflows would be highly appreciated