Latency is the time delay involved with any and all computer processing. Every computer, no matter how fast or slow takes time to process everything. When you introduce an audible point of reference to this processing, you can hear the delay involved. Now, there are ways to work with and or around this latency. One is to monitor or listen to audio input signal before it is processed. Your AudioBox Mixer dial and or VSL mixer software will do this. Mix this direct input audio with computer playback and audibly, everything sounds on time regardless of how your computer processes.
Latency is most noticeable with audio, but can also be noticed with MIDI. MIDI is only control data tho. Note on and note off stuff. Doesn't take much processing so the delay should not be that significant. However, triggering drums or other external devices thru MIDI can have some noticeable delay.
Now, I can say that if it works under Windows 7, it should work under Windows 10. While there are considerable differences with these operating systems, there shouldn't be difference concerning latency of audio or MIDI triggering. I suspect that you may simply have some small setting that will need to be set right. The difference will be with a setting in Studio One or could be the drivers for your computer's USB connections.
Make sure that your Windows 10 computer is fully up to date with all Windows Updates. Go to the ASUS website and search for your model computer. Download and install all drivers for your computer. Especially USB drivers. Re install the AudioBox 1.3 device drivers. Remove the External Devices you may have previously created in Studio One and add again. Make sure you set Receive From to AudioBox MIDI IN and Send To to AudioBox MIDI OUT. Click Reconnect and OK.