It's probably worth noting here that in many cases, an interface can work in 'standalone mode', ie it routes audio when not connected to a computer. As such, you can certainly use an interface in place of a practice amp, not needing to turn on the computer and either playing through your studio monitors, or headphones, both connected to the interface.
Similarly, unless you're specifically relying on a particular processed bass sound that is being provided by a VST within the DAW, you'll probably find that direct monitoring your input signal from the interface will suffice, certainly I almost never record 'wet', preferring to track dry, then mix and apply effects in the mixing process.
When you're direct monitoring via an interface, latency has zero effect, this is because you're feeding your monitors/headphones straight from the input of the interface*, and not having it travel to the computer/DAW, then back to the interface/monitors post processing.
Obviously when you're direct monitoring, you can still hear any tracks/sessions being played from the computer for play along etc.
*Also, when you're direct monitoring, there is still A/D/A conversion, but that conversion is <1m/s, so will never be heard. It's the journey to and from the DAW, and the processing being added in the DAW, that potentially adds latency.
The latency added very much depends on the complexity of the session you have loaded (amounts of processing, VSTs, midi etc), and the power of your computer. If you have a decent computer, and not much of a hefty session, reducing the sample-rate within the DAW will usually lead to next-to-no perceivable latency if you want to monitor through the DAW and not direct from the interface.
Happy to answer any further questions if needed
Simon // Focusrite