The decoding is done via a companion app on your laptop or phone in the cloud, but end to end latency is still quite fast, under 500ms usually.
To begin with we don't plan to have a wake word, but rather a trigger key on your connected device that you're entering text into (pressing Alt for example), similar to Wispr Flow. We're doing some R&D into the silent speech equivalent of voice activity detection, so we have a low power basic RF detection always-on, not enough to decode speech from but enough to detect rough movement, and when it detects speech-like activity beginning to start we can trigger full sensing within tens of ms. This would likely ship as a software update a few months after shipping, though.
The voice change demo is something I've thought about actually, but we never got around to doing. Might film it soon :)
Have fun building this! It's worth doing.