Major latency when using Sends to Space Designer

Hi there,

When I send any track to a bus with Space Designer, I get an extremely long and obvious latency on the reverb. Essentially, it sounds as if there's a long pre-delay (it sounds like this with no pre delay set). I was under the impression that a major reason for using Sends rather than putting individual reverbs on channel strips was to lessen the processing load, and yet when I put Space Designer directly on a channel strip, I don't have this issue. 

A few notes:

• I have tried checking Latency Compensation on Space Designer and it has no effect
• I have Plug In Latency compensation set to All in Preferences
• This happens on playback, not just when recording
• I am on a new and powerful MacBook, and frankly, my songs are significantly less taxing in terms of processing than most producer's probably are (not many plug-ins, relatively few tracks, etc.)

***I'm on an M2 2023 MacBook Air - I accidentally selected the wrong device when posting this

Has anyone come across this issue? It's very confusing to me, and quite frustrating at the moment as I'm trying to mix an album. I appreciate the help!