> there any delay penalty for these corrections?
Reed-Solomon error correction doesn’t have any delay associated with it, but it effectively slows the data rate down by adding extra bytes of error correction information on to the end of transmitted data, so making it longer and taking longer to send, but it’s just a slower data rate, not a delay.
Another type of error correction, G.INP, does sometimes have a slight delay associated with it, where parts of a message are retransmitted if they are received in error.
You can read about interleave in Burakkucat’s link to Kitz’s page; does have a constant delay associated with it, of an amount set according to the ‘interleave depth’.