FWIW: I run a complicated setup with lots of midi sources, daw, hardware, etc, and audio routed back through the daw for mixing. Lots of stuff to line up. I struggled for years to get 4+ hardware machines in sync, while recording in perfect sync in multiple places (daw, octatrack), with all midi recorded tight to the grid. It can be done (painfully) without an external sync solution but what I don’t see more discussion of is that at least with Live, the second you start using latency inducing plugins, all of your carefully dialed midi sync and track latencies just go to shit. The setup is inflexible and ultimately a fail.
Buying an external sync solution is absolutely the way to go. I know its expensive, but it’s so, so worth it. I still needed to set up a complicated group of track latencies to account for all the routing in my setup, but once done, everything is on time, all the time. Plus, I can use any number of plugins without breaking the sync. I use the E-RM multiclock, BTW. As it’s been said, some amount of latency or jitter may still exist despite your best intentions. For example, I’ve noticed that on my system, there is absolutely nothing I can do to eliminate ±0.5 ms of jitter using the AR in overbridge mode. My Prophet 12 also takes a couple milliseconds to respond to any midi note received. However, some experimentation with Live’s external instrument plugin and/or track latencies will take care of most, if not all issues, as long as you use the external sync solution. I’m a happy camper since I got mine, and I’m not pulling my hair out anymore.