Excellent question.
The 197 samples is due to the lookahead limiter.
It is constant, even with limiter disabled, so that you don’t get snaps and pops when ADC value changes.
There are certain popular plugins from other developers which do change latency in response to automation and I have seen it waste a lot of expense dub-stage time chasing ghost-clicks.
197 was as low as we dared to push it, balancing the benefit of lookahead and oversampling against the latency. We were very conscious about not adding any more latency than was absolutely necessary. Again… many popular plugins do incur huge ADC offsets which puts realtime mixing passes out of sync. I don’t think people necessarily realise this.
Note that in general disabling a module (e.g. limiter) does remove the CPU load for that module, but the delay compensation stays fixed.
Advantage of v2 in your case is all the extra channel widths, better filters with continuously variable cutoff and clean automation of parameter changes. Redirect which is locked in a linkwitz-Riley crossover mode, plus automatable redirect trim.
And of course all the new features like gains, reverse redirect, limiter, spectral duck etc.
