There's no single standard sample rate.
For CDs, 44.1KHz is the only rate that can be used; for working with video, 48KHz is normal. However, some people believe that recording at 88, 96 or even 192KHz then converting to 44.1 (or 48) after the mix improves quality. Others argue that this is a pointless exercise and there's no difference--and it always starts an argument.
Frankly, unless you have top of the line gear and monitoring, 44.1 is probably the sample rate to work at.
As for latency, if you use the hardware monitoring in your interface (and are not working with MIDI that needs a round trip through your computer, it shouldn't be an issue. In timing terms, lower is always better but the trade of is that, without the benefit of big buffers, playback can
glitch and dropout if the settings are too small. I know some people who crank down the latency/buffer size when tracking then turn it up for mixing. However, as I say, if you use hardware monitoring this shouldn't be necessary.