The latency arise in different points.
a) in the camera / live encoder
b) in the streaming server / Wowza
c) in the player
The most ip cameras produce latency fewer than 1 sec. But many software encoders produce a latency from 2 to 6 seconds
Typical 0,5 to 1,5 sec, with lowlatency only 0,1 sec
In a Flashplayer you can program buffertimes from 0,1 to serveral seconds. Maybe your standard player run with a fix buffer of eg 3 sec
The Flashplayer wait until the first keyframe in stream to start the playback. In most encoder the keyframes set from 1 to 3 sec interval. But in many ip cameras the keyframe interval is set to 5 oder 10 seconds - so the player must wait for the next keyframe to start playback.
In case you stream per HTTP (HLS, DASH…) for mobile or Firefox on PC the protocol define a buffer of typical 30 seconds. You can reduce this in the wowza configuration, but it is not a safe way to set this value much under 10 sec because the most mobile phones align to the Apple standard for HLS and maybe expect higher run times per chunk (eg for the buffer strategy).
Maybe you can reduce the latency per rtp-live-lowlatency configuration. But in the most cases the latency is indebted by another point in the streaming chain.