Oh, certainly. But common language has a term for high latency already, it's just not speed related. Everyone knows about a laggy connection on a phone or video call.

Fun fact: TCP has some implicit design considerations around the maximum cost of packet retransmission on a viable link that only works on roughly local planetary scale.
When NASA started to get out to Mars with the space Internet, they needed to tweak tcp to fit retransmission being proportionally much more expensive and let connections live longer before being "broken".