Latency is rumoured to go down quite a bit with Zen 3. Would be disappointing if they can't do this on their last AM4 chips with DDR4 IMO. It will help against Intel in gaming quite a lot apparently.
I would imagine that a large part of the expected 17% rise in IPC is due to improvements in IF, the memory controller, and cache design. But like I said, Zen 4 should bring 5nm EUV, DDR5 .. and there's a good chance the I/O die moves to 7nm, which may offer its own performance improvements for the MC ... I can't imagine their new flagship products' IO die will still be on GF 12 / 14nm FF in mid 2021.