Although this may only be a fraction of a second, it can make a difference. A micro-latency is just the slight delay between when your OS recognizes that a piece of hardware needs more power and when it delivers that power.
It's geared toward reducing or eliminating micro-latencies associated with fine-grained power management techniques. The Ultimate Performace power plan is designed to give an extra boost to high-power systems (think workstations and servers) by optimizing the High-Performance power plan. What is the Ultimate Performance Power Plan? Microsoft's 'Ultimate Performance' power scheme - introduced in 2018 - is built upon the High-Performance power scheme but tries to eke out every little bit of performance possible.