A change on Google Calendar or Outlook now shows up on your other calendars the moment you make it, including right after you connect the account. You do not wait the first few minutes, and you do not wait for the next check.
This covers Google, Outlook, and Microsoft 365. iCloud, Fastmail, and other CalDAV calendars still update on a timer, because Apple has no way to tell a calendar tool that something changed.
Realtime is part of a paid plan.
Read more about what a paid plan adds.