No, it is all about jitter. Latency is irrelevant unless it is above 150-200ms. Rapidly changing latency (aka Jitter) is what kills VoIP quality because the echo cancelers can't train up properly.
I'd say closer to 800-900ms. I run 500-600ms all the time over satellite with no loss of quality or intelligibility. Your hearing/speaking timing quickly adapts to it.
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