Seems true enough.
https://en.m.wikipedia.org/wiki/Network_delay
I surely have an over-simplified understanding of this, but if an algorithm implemented in software can (20 years ago) process & queue/dequeue data in microseconds, that only leaves the delay of the interface's bitrate & time on the wire (or air).
I assume many of us experience quite a bit of "processing" delay with Deep Packet Inspection and Intrusion Detection/Prevention Systems that the ARM-based routers have migrated to. Queueing/bufferbloat probably plays a roll as well, though it's probably negligable on LAN-only traffic.
I do not see firewalling itself, which I define mostly as port blocking/forwarding & stateful NAT, as a big contributor to latency. Data proving otherwise is welcomed though.