Is there any other reason latency matters? Let's say I have a statistical model that is able to identify and exploit statistically significant price deviations

Is there any other reason latency matters? Let's say I have a statistical model that is able to identify and exploit statistically significant price deviations. Furthermore, let's say someone has a very similar model. If I'm able to execute my trade before my competitor, I get the profit, and he doesn't. That's one argument. There are many others.