5G latency as deployed today at Verizon is 33-45% lower than typical American LTE, 30 ms as opposed to 45-55 ms for today's LTE. Verizon is building the most advanced 5G network in the Western world, although those early to Edge Clouds may pull a little ahead.
1 ms and even 10 ms 5G will be a fantasy for years in most of the world. It can work in the lab, but is hundreds of billions of investment and years from reaching the field. China this year is deciding whether to spend the money and probably will. No one else is thinking of doing similar until the middle of next decade.
Verizon's 30 ms is about the state of the art. It will probably drive latency down to 15-25 ms over the next few years. VZ is moving aggressively to improve the backhaul/transport network and install servers inside the network a few hops from the towers.