Would someone be so kind as to explain how I can approach knowing which latency setting is best ? Are there advantages/ disadvantages to shorter/ longer? How can I tell which setting is working better/ worse?

If your audio is working fine then there is no need to adjust the Latency setting in jammr's sound settings.

This setting allows you to troubleshoot audio on some devices:

• If your audio is breaking up then try increasing the Latency setting. This can happen because your computer is unable to keep up when the Latency setting is very low.
  
• If you feel a delay when you hear yourself with the “Play back my audio” setting, then try reducing the Latency setting.
  

Most users have the setting somewhere between 5-12 milliseconds.

Note that the Latency setting is unrelated to network latency and in general jammr is not sensitive to network latency because of the way it works: https://jammr.net/howitworks.html

Thanks for your reply!