Yes. The ASIO driver buffer size is global for all applications, at least for RME Babyfaces. Latency is set at driver level, not on app level. Totalmix is just a (sometimes complicated) mixing interface by RME. Totalmix introduces no latency, and latency is not set in Totalmix.
I used to run it at 64 samples buffer, and because of some rare clicks and pops under heaviest load, I switched to 96 samples to have some headroom. And yes, together with GP it feels like instant sound as from hardware.