I think you will find that in context it's a non-issue. As long as your interface's drivers are honest with Reaper, it pretty much just works. Maybe I've never recorded anything that needed to be that tight and I definitely don't have a clue how they really do it behind the scenes. I have always just trusted that Reaper knows I'm hearing it late AND that it's hearing me late, and automagically somehow, when you play it back it's just like if you were tracking to tape. Sounds fine to me.
You can try a loopback test, but I'm not sure that's actually fair. Somehow it feels like there's an extra layer of something happening in there that makes it not exactly the same as how it works when overdubbing.
I am vaguely interested in learning more, but honestly it's always seemed to work fine.
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