My sound card should have absolutely no hearable latency (the equivalent of walking 1 meter further away from a sound source, that little "delay"), but when I record with Audacity, I always have to make the tracks tight with the other tracks manually, because they're always a bit too late.
Even a friend of mine has a very old crappy computer, with just the basic sound card, but he uses Cakewalk, and he doesn't get latency. The program fix it. Or it gives the sound card priority enough, so that latency doesn't happen, I don't know... This is what I've always missed in Audacity.