Even in all online FPS games, due to the client predicting movement - there's still peeker's advantage due to your player being slightly behind on other's screens, so you see enemies before they see you.

This doesn't matter for the majority of players but that's why high skilled CSGO and other shooters must still use LAN for high level play. There's no entirely defeating peeker's advantage and other artifacts from latency.

Valorant, league of legends, and CSGO have their own CDN to try to help with connections. Can't really comment on other game's netcodes because they vary so much. For example, BF1 devs removed lag compensation entirely. League has no lag compensation since it's not a shooter. CSGO lag compensates a fixed amount so consistent ping is more important than fixed ping.

Fighting games have gotten much better due to rollback - Japanese developers for years would release games that were just unusable outside Japan and now it’s fine.