Yes, if the transform runs before the data is queryable. That is the honest way to measure it. A pipeline that accepts raw data immediately but needs a separate enrichment job before the data is usable should include that job’s latency in time to glass. Systems that fold streaming ETL into the ingest path include that transform time in their quoted 5 to 10 second figures, so the data on your dashboard is already normalized and enriched, not just raw.