Wayland's latency was improved a few years ago to about half a frame, there's probably more room for improvement, but I think just getting a 240hz monitor is better investment of resources:
https://ppaalanen.blogspot.com/2015/02/weston-repaint-schedu...The only applications strongly sensitive to latency are video games or similar, and they take a special low-latency path through the graphics stack, exclusive full-screen mode. Monitor, graphics card, and game engine developers are all doing interesting things with scheduling there, but the main function of the OS / compositor is to get out of the way.
Beyond that there's video playback, but 60fps video is rare, videos have (relatively) huge buffers of decoded video, and dropped frames are easy to overlook, so I don't think it's much of a priority for the OS. Nobody will notice the window manager adding an extra 10ms delay to the video.
Businesses don't care about visual fidelity at all, the most common monitor size is still 1366 x 768. So there's no big push commercially, besides the aforementioned VR/AR.