No, most games don't do it this way now. When I created this type of networking in 1994 it was to solve the particular problem of lots of units and low bandwidth. Now where bandwidth is much less consideration games typically use an authoritative server (even if that server is a 'headless' process that runs on a machine with a client). All clients send turns to the server and it sends out the authoritative results to all the clients. Unreal and Unity both have some documentation I believe on how their networking works at the high level - they are really adequate for most cases.