raspi-live is only concerned with streaming video from the camera module and does not offer a playback solution.
Browser support between the different streaming formats varies so in most cases a JavaScript playback library will be necessary. For more information on this, check out Mozilla's article on the subject.
HLS and DASH inherently have latency baked into the technology. To reduce this, set the time option to 1 or .5 seconds and increase the list and storage size via the list-size and storage-size options. Ideally, there should be 12 seconds of video in the list and 50 seconds of video in storage.