Great question.
Near zero latency can be achieved if you keep the monitor mix on the analog side of the analog to digital conversions.
If you use the dsp mixer on one of the common "zero latency" I/O boxes your minimum round trip latency will actually be about 2 milliseconds. The companies that describe that as "zero" latency are simply lying about the specs and they plan on nobody caring about either the 2ms or the misleading statements.
Some drivers allow small enough sample buffers that the throughput to and from the DAW is inconsequential and so 2ms is also the practical minimum you can expect for anything making a analog-digital-analog round trip.
As a comparison, if you are looking at the timing for a round trip through an analog monitor mix you can consider it would take an approximately 700
kilometer long audio cable to experience a 2 millisecond delay in the analog domain.
Even though analog would accurately described as near-zero latency you can see that it is closer to zero than the "zero latency" digital solutions by orders of magnitude.