A storage system and method for media-based fast-fail configuration are provided. In one embodiment, the storage system aggregates elapsed time spent handling errors in parts of a media frame read from the memory of the storage system. The storage system compares the aggregated elapsed time to a threshold representing a total acceptable latency. If the aggregated elapsed time does not exceed the threshold, the storage system handles error(s) in other part(s) of the media frame read from the memory. However, if the aggregated elapsed time exceeds the threshold, the storage system sends an error to a host without handling error(s) in other part(s) of the media frame read from the memory. Other embodiments are provided.