As stated above CAS latency is latency calculated by RAM clock cycles - not real time.
To get the real time latency:
1/((RAMspeed/2)/1000) x CL = True Latency in nanoseconds
First we need to calculate the duration of a clock cycle. Take the RAM bandwidth and cut it in half, as the actual RAM clockspeed is half of the bandwidth (or speed specified by the XMP or manual speed setting).
Then divide it by 1000 to convert it to GHz -> to make things easier as GHz represents X billion times per second, and a nanosecond is one billionth of a second.
Then when you're done, divide 1 by the value you have to get the duration of the clock cycle. Then multiply it with number of cycles of latency, and you have the entire duration of latency in nanoseconds.
1/((4266/2)/1000) x 19 = 8.91 ns
1/((3200/2)/1000) x 16 = 10 ns
Not only is the 4266MHz memory faster in speed, but also shorter in real time latency, and therefore better in every aspect compared to the 3200MHz stick, given that it will actually work in your system (taking into account; mobo memory support, chipset compability, compability with CPU clockspeed, etc).
Anyway, as for CAS latency vs speed - speed is mostly preferred for heavier applications, as it cuts down rendering time (even if it's only a fragment less), as well as high framerate gaming such as 144Hz gaming or even 240Hz gaming (given that you have proper specs on CPU, GPU, etc), as it helps increase the minimum FPS floor and stabilize the average FPS. However this is still a bit controversial, and I've heard people say that above 3000MHz you get diminishing returns as you go higher.
You only want 3200MHz over 3000MHz as the comability for the latter can be somewhat dodgy sometimes.
As for CAS latency however, I'm not sure, but I've experimented with it myself pushing it quite hard, and both me and a friend trying it out as well felt the overall impression of manuevering the PC felt much snappier and straight to the point. However I can't guarantee there was an actual improvement.