This video compares Valves own fog-of-war implementation to the implementation used by FACEIT, a third party competitive matchmaking service, which shows there's a pretty wide range of trade-offs to be made. Valve went for conservative and fast, while FACEIT went for aggressive and (presumably) slow:
https://www.youtube.com/watch?v=8w1ICIBO3D4
Valves implementation is better than nothing, it at least stops cheaters from knowing which direction the other team is going at the start of a round, but beyond that it doesn't stop them from knowing exactly where most enemies are standing around corners because the serverside visibility checks are so coarse.