This could be tough to figure out. Clicking the orange clock icon should pop up a message explaining where the delay came from, but you can also learn by looking at the "Stats for nerds" panel.
Right click the video in UI3 and open the "Stats for nerds" panel. This will have graphs including Network Delay and Player Delay. If Network Delay grows, it means the video timestamps being fed into UI3 by
Blue Iris are not increasing at the expected rate. That would typically be because the network can't handle the stream (usually wifi's fault), but in your case it sounds like your network is fine so I doubt this is the problem. It could also go up due to a major performance problem that is not strictly network related, or due to software bugs.
Player Delay really is just the amount of video that is currently buffered and not yet played and it will heavily correlate with the Delayed Frames graph just below it. If Player Delay grows, that means the device you're running UI3 on is unable to play the video as fast as it comes in.
Also have a look at the FPS meter in the status area of UI3, and see if that meets expectations. The FPS bar should ideally be full, all the way to the right, otherwise it indicates a slowdown of some kind is occurring. A loss of FPS doesn't necessarily mean a delay is happening. Usually it just means Blue Iris is unable to encode all the frames in realtime so it is dropping some in order to avoid letting a delay build up. It is sadly normal for the FPS to be lower than the source video due to Blue Iris transcoding the video in realtime to send it to UI3.
Another data point to look at is to see which H.264 player you're using. Open UI3's main menu > UI Settings > Video Player, and see what the current H.264 player is. On most systems it will be HTML5. Try changing it to another option. JavaScript is the only alternative on most systems, which is substantially more CPU intensive than the HTML5 player, but more reliable as it is much less dependent on the browser, OS, drivers, and video hardware all working properly.
Are you using the "Direct to wire" streaming feature? It can have compatibility problems. It could be helpful to screenshot your Streaming 0 configuration in Blue Iris Settings > Web Server > Advanced.