Best Practice for External MIDI Synths with Minimal Latency?

I’ve been watching tutorials on rendering MIDI synths in Cubase. But, it seems that there are different practices, and a dozen ways to do things.

When using Bitwig I press the button that measures the latency, and everything seems to work fine. I haven’t seen a function like this in Cubase.

I’m about to record a new album, and would like to do it in Cubase, so I’m trying to find out the best practices so I don’t screw myself later.

Thanks for any input.

It is assumed that external MIDI synths do not introduce any latency by default (ie. latency <1ms). That’s why there is no automatic compensation. However, in case you feel you need to correct a latency, you can do so with this dialog manually.

With which hardware instrument do you experience a latency?