How on earth would it do that? WiFi alone is a significant part of the latency here! Not to mention the huge jitter it brings. Screw in your smart cheap-ass 802.11b light bulb and watch your game feel off.
No, they want this stuff to work with Chrome out of the box and so they needed to cut out the middle-man anyway, and people aren't exactly prepared to put an Ethernet cable into it. But let's not pretend WiFi is somehow an improvement over connecting it to a PC that just blasts your input out through Ethernet (where it then traverses all the same boxes that it does "over WiFi" anyways, minus the shared medium that is used to stream 4k to your TV)