How fast and stable can arduno trigger digital IOs?

@robtillaart
Thanks for the answer!
I can't find the post anymore, but I am sure I have read somewhere that he has a cycle of 2ns.. but I may be wrong on that since I don't understand much of the actual internal work of a MC.
Anyway... I would be happy with a stable 40ms signal.

Example: 2ms ON, 38ms OFF, LOOP... even at that speed, he is jigling too much for my taste.
Is the delay() command the usualy way to go for that, or is there any better command for that?

The more I google, the more I get the impression that I need assembler for accurate timings for thos signals.