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Latency is basically unimportant with Mesa hardware _if_  you never get timeouts

Also the latency test does not test network latency which is more important for
Ethernet connected cards.

To check network latency:

sudo chrt 99 ping -i .001 -c 60000 -q 10.10.10.10
(will run for ~ 1 minute and print stats)

Assuming the Ethernet card is set for 10.10.10.10

Things that improve network latency:

isolcpus to last CPU, and pinning the Ethernet IRQ to the last CPU

disabling power management, disabling Intel AMT
 

Mon24 13:59: hm2/hm2_7i76e.0: Watchdog has bit! (set the .has-bit pin to False to resume)

Indicates relatively huge network latency (>5 ms if the watchdog setting is the default 5 ms)
That sounds like maybe a power management issue so you might try adding pcie_aspm=off
in your kernel command line.

What is the current kernel command line?
 (cat /proc/cmdline)