Codecs and latency

I am having trouble understanding codec latency. for example

latency is 15 ms

latency is 0.125

Does this mean g711 is a more stable codec because the latency is low?

codec means coder/decoder and/or compressor/decompressor, it takes processing power and time, g711 is used for the PSTN GSM for Cell phones, G729 for saving bandwidth there is no compression in G711, a lot in G729 hence the ‘latency’