The low latency look-ahead limiter is a limiter that takes slightly non-traditional approach in the whole affair.
Rather than rely on long look-ahead times, 4L tries to minimize distortion by combining smooth release with a somewhat clever attack curve to keep the signal relatively clean even when forced to gain-ride.
Transparent? Not really, but that never was a design goal. And when I say "relatively clean" that's what it means; at least it never clips. But hey, the latency is only half a millisecond, which makes it fairly well suited for live use or other situations where you want to avoid too much latency buildup.
It was originally designed for sound design purposes, but can usually deal with your two-bus too in case you lack anything better, or want to keep things simple. Because simple it is.