Sat Nav is also always historic - the speed you were traveling between two past points.
GPS receivers usually measure speed by doppler shift, not distance/time, so the speed reading is instantaneous (and impressively accurate). But yes, the high-level processor only usually gets a sample from the GPS chipset every second or more, and it can go wibbly in poor reception conditions.
Not that wheel rotation sensors are any more responsive, given the low-pass filtering (mechanical or electronic) involved. And their calibration is deliberately sloppy (because of the legal requirement not to under-read) and prone to drift with things like tyre wear/pressure.
In general, I'd trust a GPS to give a more accurate measure of crusiing speed, but it's the speedo I'd keep an eye on to avoid speeding.