Did some testing with the SN74HC14 on a breadboard.
Going to the ON state is delayed by 15 ms, going to the OFF state with some 25 ms.
I did same rapid pushes on the button to see if everything was registered, and it was.
So for human/kid interaction this is fast enough. For automated systems it might depend, but in that case better switches and the proposed latching method might be a good idea. My pushbuttons are probably of the worst kind: leaving the speed of closing/opening the switch up to the user. Better switches will be of the click/clack kind. Where some tension is build up and then released going into a different state much faster (like the toggle switch). Also better contact materials (gold) will give better results, but were on a budget
