I think https://endlesss.fm got the approach to jamming over the internet right.
Instead of trying to reduce latency (which you simply cannot do beyond speed of light) endlesss implements a shared “multiplayer” 8 track looper.
Jammers add layers to the loop, which has a clock and supports sync via ableton live, external audio input, etc.
Plus, every addition to the looper is saved/versioned. You can move backwards through loops and export the audio stems. Its a great creative tool, and quick way to build on ideas with friends.
It’s way better than any of the live internet jamming software I’ve used, by far.