Standard HLS can have a delay of 15–30 seconds. "Low-Latency HLS" (LL-HLS) reduces this to under 3 seconds—crucial for sports or gaming.
It sounds like you want a (or detailed technical explanation) on HLS players .
A high-quality HLS player does much more than just play video chunks sequentially. It manages a complex ecosystem of networking and device constraints. Adaptive Bitrate Streaming (ABR)