That does sound like latency, governed by how far you are from the server you play on, as well as how your ISP routes. It's not something you can test on a PS4, but assuming you have a regular computer attached to the same network as the ps4, you can do a traceroute to your server and see how long the trip takes.

But really, if you're in NA, you whould get much lower latency and better routing to the NA servers than the EU ones.