no there is no adjustment … or latency compensation on the hermod.
usually latency compensation is on the clock master, which I assume in this case is your keystep.
basically, what happens is the master sends the clock early (or often delays other tracks) using this compensation time.
I don’t have a keystep, so don’t know if it has this feature or not.
its also a bit hard to see what Hermod could do about this, if your just sending notes… it cannot ‘know’ about the notes before it sees them… so at best, if it had a clock, it could quantise to a clock.
BUT it does not have live quantisation (see previous discussions on this)
(it could of course, quantise recorded notes)
if you have ideas for features for the Hermod , you should send them to squarp via the contact form , they can discuss what’s possible and not.
for now, only thing I can think of that might help is to do the arp on the Hermod (as an effect) rather than the keystep, not sure if this will help.
you could also send midi thru the hermod to other devices, to ensure you get a consistent delay.