I am currently waiting for a transaction to send from my hardware device to an exchange and I sent a low fee so it is taking a while, can I proceed to send payments with high fees like normal or do I have to wait for this transaction to confirm?
The issue will be if any new transaction uses unconfirmed "change" from your low fee transaction, then the new transaction will also get stuck... as it cannot get confirmed until the low fee one does. This "chain" could continue for each new transaction that you make depending on how your wallet handles unconfirmed inputs, some wallets allow you to configure them so they will NOT try and spend unconfirmed inputs so you don't end up with a chain of unconfirmed transactions all waiting on one low fee transaction.