Ideally you want something that is both deterministic (i.e., it's not running randomly in the background like a traditional GC) and that guarantees there are no leaks. In theory ARC gives you both of these.
In fact, I'd go so far as to say latency isn't the issue - the issue is that typically GC'd languages rely heavily on heap allocation because it's cheaper(!) not more expensive. Put another way: java creates lots of garbage, C/C++ does not.
If you wrote a C/C++ program that allocated as heavily as a typical java program... well, I'd expect performance issues that would probably be worse than java's.
> java creates lots of garbage, C/C++ does not.
Properly written C/C++ does not. Badly written C/C++ creates garbage (leaks memory), and it can never be recovered, because there's no GC. The solution isn't GC, though - it's to pay more attention to who owns the memory.