Possible to outsource computations to AWS and utilize results locally?
Possible: of course it is.
You can use any kind of RPC to implement this. HTTPS requests, xml-rpc, raw UDP packets, and many more. If you're more interested in latency and small amounts of data, then something UDP based could be better than TCP, but you'd need to build extra logic for ordering the messages and retrying the lost ones. Alternatively something like Zeromq could help.
As for the latency: only you can answer that, because it depends on where you're connecting from. Start up an instance in the region closest to you and run ping, or mtr against it to find out what's the roundtrip time. That's the absolute minimum you can achieve. Your processing time goes on top of that.
I'm working on a robot that uses a CNN that needs much more memory than my embedded computer (Jetson TX1) can handle. I was wondering if it would be possible (with an extremely low latency connection) to outsource the heavy computations to EC2 and send the results back to the be used in a Python script. If this is possible, how would I go about it and what would the latency look like (not computations, just sending to and from).