this is where agreeing to disagree is healthy as my statements are most definitely not wrong. If a bypass is supposed to bypass the signal chain then the effect and all it’s processing should be bypassed as that’s what’s inserted in the signal chain. Again it’s my opinion that the “bypass” is not bypassing anything at all, it’s more accurate to say it’s reducing the wet portion of the signal to zero.
You find it useless for the tracking phase, but you will find it most useful for the mixing phase.
Think about it. You’ve tracked your guitars and your drums and your keys and whatnot, and then while playing the project you want to quickly bypass a plug-in (out of dozens running) to check out how it sounds with/without. No hitch! Everything stays in sync!
If bypass completely removed the plug and latency, then even just pressing the bypass button of one plug-in would push the track back and forth in time. Wouldn’t that be much more annoying?
Yeah i agree with that, the first reply is your answer - i said before, we’re diving into semantics here, but hopefully you’ve learnt something that you can take on your audio journey. 
But as a side issue, consider recording separate takes when you want to layer guitars - i used to always layer the same take and apply affects and offsets to give it width, but for me it was more due to being lazy and/or having little confidence in repeating the same part 2-3 times.
But i changed my habits, and i’d never layer the same part over itself nowadays.
In fact, a little tip: If you have a guitar section that loops (i.e. let’s say you recorded a 4 bar progression across an 8 bar passage), you can cut the 8 bar performance in half, and swap the first 4 bars with the end 4 bars on the second track, that way you’re overlaying different segments over each other - which adds more width, and reduces chance of phasing. Try it if you get 5 mins.
Yeah, it reports latency quite well - i like having it displayed by default on the mixer as sometimes you learn that certain presets on the same plugins can be crazy latent vs other presets (i.e. some of the guitar presets spring to mind).
When i first was making music, i thought the latency was caused by the amount of CPU/Processing a plugin was using - and it just took that time to process the audio, but actually the majority of high latency plugins are applying a lookahead, i.e. to ‘read’ the audio before it can make a decision on what compression/limiting to apply - hence the delay.
All DAW’s that have plugin delay compensation do this to be fair, it’s an incredibly simple concept that the tracks start before others to ensure they’re in sync at the final output - but i imagine it gets quite complicated to code to allow for sends and other routings.