The latency can be reduced from within Simulink after performing the following steps:
1. Drag & drop an ALSA Audio Playback block into your model.
2. Jump to the Library (CTRL+L) and unlock it.
3. Edit the mask (CTRL+M) of the ALSA Audio Playback block.
4. Navigate to Parameters & Dialog, Select Que duration & check the Visible flag.
5. Lock & save the library.
The Queue duration should now be visible and ready to be modified.
FYI: Tested with a Focusrite 2i2 (Device name = 'plughw:1.0') and a Queue duration of 50ms