It’s fine. The public pays for sci-fi clocks used by NIST and the Navy and we get shit latency over NTP and a WWVB signal that barely reaches a huge chunk of the country. CLOCKS WE PAID FOR. Jane Street gets lightning access to clocks and our pension managers get their NTP trades front run. NTP is a disgrace and an insult when it is working.
The rest of the snark/ bitterness aside ... NTP takes latency as a constraint, and accommodates for it.
And far from a disgrace, NTP was a brilliant design for its time, and has proven to be far more future-proof than should have been expected.