Physical layer authentication (PLA) has recently been discussed in the context of URLLC due to its low complexity and low overhead. Nevertheless, these schemes also introduce additional sources of error through missed detections and false alarms. The trade-offs of these characteristics are strongly dependent on the deployment scenario as well as the processing architecture. Thus, considering a feature-based PLA scheme utilizing channel-state information at multiple distributed radio-heads, we study these trade-offs analytically. We model and analyze different scenarios of centralized and decentralized decision-making and decoding, as well as the impacts of a single-antenna attacker launching a Sybil attack. Based on stochastic network calculus, we provide worst-case performance bounds on the system-level delay for the considered distributed scenarios under a Sybil attack. Results show that the arrival-rate capacity for a given latency deadline is increased for the distributed scenarios. For a clustered sensor deployment, we find that the distributed approach provides 23% higher capacity when compared to the centralized scenario.