Yep.
Geostationary orbit = 35,786km up
Speed of light = ~300,000km/sec
voice travel from you to satellite = .12 sec
voice travel from satellite to ground station = .12sec
250 msec total would be very fast or absolutely minimal switching and routing.
Everyone has seen actual satellite conversation - on CNN or Fox with a remote reporter. “Over to you Jim”... pause ... pause ... pause “Yes Bill, it’s quite hot here!”
Except that this communications satellite is in low Earth orbit, only 175 miles up. There will be no latency problem.
And you will never see that speed at upload... it will be asynchronous — Low upload speeds, higher download speeds.