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It doesn't impact bandwidth, per se, but many protocols send some amount of data then wait for an ACK before sending more. Latency very much impacts how long the sender pauses between transmissions.
A wonderful example often is using TFTP on WAN to two different locations, when available bandwidth is the same, but latency is very different. The site with the lower latency will transfer data faster as the pause between transmissions of packets is shorter.
Some protocols don't wait on ACKs, e.g. VoIP, so from a bandwidth perspective, latency doesn't matter (although if there's enough latency, people will notice - ever talk, on a phone, via satellite?).
