Supporting Ultra-Reliable Low-Latency Communication (URLLC) in the Internet of Things (IoT) era is challenging due to stringent constraints on latency and reliability combined with the simple circuitry of IoT nodes. Diversity is usually required for sustaining the reliability levels of URLLC, but there is an additional delay associated to auxiliary procedures to be considered, specially when communication includes low-cost IoT devices. Herein, we analyze Selection Combining (SC) and Switch and Stay Combining (SSC) diversity schemes as plausible solutions for enabling ultra-reliable low-latency downlink communications to low-cost IoT devices. We demonstrate the necessity of considering the time spent in auxiliary procedures, which has not been traditionally taken into account, while we show its impact on the reliability performance. We show there is an optimum number of receive antennas, which suggests that under certain conditions it might be required to turn off some of them, specially under the SC operation. We highlight the superiority of SSC with respect to SC as long the associated Signal-to-Noise Ratio threshold is properly selected. We propose using a fixed threshold relying only on long-term channel fading statistics, which leads to near-optimum results.