For modern systems, latency seems to be increasingly important, as the fast paths have all grown various asynchronous aspects. For some systems 60ms pause might be fine, for others 2ms might be way too much. It's definitely a "what scale are you thinking about" kind of thing.
The concurrent collectors trade some throughput for latency by occupying additional threads for concurrent work. Due to the additional synchronization actions (more atomic instructions, read/write barriers, additional cleanups during shorter STW pauses) they are less efficient in overall CPU cycles spent.
So it certainly is a tradeoff.
Of course a collector that can burn more memory bandwidth and CPU cycles will generally lead to lower pause times, so in that sense increasing throughput of the collector is good for latency. But increasing the collector's throughput leaves less resources for your actual application, decreasing effective throughput.