It depends on the thickness of the latex sheet. It comes in many grades from unwieldy 1 mm to 0.2 mm membrane.
Too thick and the latex doesn't flow or conform closely to your body. The picture >>9845396
shows creases from twisting her arms. The suit is probably a bit too large but also the latex seems too thick.
If it is very thin it is very much a second skin but is also a bit fragile, can also be transparent. Thin suits can be used in dance. This video (work safe) is one example >>>/gif/12461618
(the rest of the thread is NSFW) and the video immediately below shows what happens when the latex is too thin: the latex becomes see-through.
Lube, if used, also affects how the latex flows over your skin.