The safe zone calculation is done during the OnUpdate of the casting bar. The latency information we have isn't real-time however, it's polled every 5 sec or so.
I don't remember how often it updates, you can check it yourself by doing: /run ChatFrame1:AddMessage(select(3, GetNetStats()))
Channeled spells are tick based however, so I'm not really sure how helpful a safe zone would be. It also seems that the last tick happens slightly after the cast has finished.
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