I'm not sure if this also applies to local transport, but that is also very reliable in Switzerland; at least from my experience. I spent three years in Switzerland and the only time a bus was more than two minutes late was because a construction crane had fallen over and was lying on the road - a reason that is completely understandable. The bus driver was devastated and apologized at every stop.
Deutsche Bahn considers an ICE Train „delayed“ if it is more than six minutes late. This is a major problem for Switzerland, as their trains are notoriously more punctual.