They're more efficient because of reduced frictional losses, the contact point of an elevator is a pulley at the top of shaft and a couple guide rails. The guid

They're more efficient because of reduced frictional losses, the contact point of an elevator is a pulley at the top of shaft and a couple guide rails. The guide rails are mostly there to provide lateral support. As for latency you can design around it, modern tall buildings will usually have multiple elevator banks that service different floors. A lot of engineering can go into designing the dispatching for elevators.