The term used for Digital Audio WorkstationI'm afraid you've made the fundamental mistake of assuming I know what a DAW is!
Apps like Reaper, Logic, etc. for all things audio. Record, mix, master, process live audio, run live sound, etc. There are super limited versions of this kind of app out there (like Audacity or Garageband) that you might have seen.
There's a setting for how long you give the computer to process audio. It's the lag of the system.
Needs to be below human perception for live sound work. (Make the computer scream a bit.) Moot point for playback of pre-recorded anything. (So... relaxed setting and no "computer screaming".)
You can "insert" a DAW app between your favorite media player and system output. So... Tone controls? Meh. Complete DAW app! Go from zero to 100 there.