At least for background blur the latency there is enough to make it almost unusable: easily over 100ms. This is with latest stable Chrome on a relatively recent Ryzen/Nvidia system. Maybe background replacement will do better once it rolls down to regular Google Meet (too lazy to log into my Google <del>Apps</del> <del>Suite</del> Workspace) :-) However, everything else about Google Meet is great and I wish I could make all my Zoom friends switch.