Nah to be fair it's fine for a lot of games which are also played on old gen consoles with terrible gamepad to TV latency. Sure twitchy multiplayers are definitely not some of them. I'm not big on competitive multiplayer, only Rocket League and I can't do this over local streaming. Pretty much anything else I play is ok though.
You, my dear Internet friend, are confidently expressing your lack of experience. No one who has played multiplayer LAN games, or low latency Internet games, could or would ever say that streaming gaming, such as the dead stadia, or moonlight, whatever, are comparable to the alternative, Nah, they couldn't.
Most online games use client side prediction, so any input made by the client happens almost instantly on the client and it feels really good, and can be rollbacked if the server disagrees. If you stream your game remote with 40ms it will add 40ms to your input and that just feels bad (not to mention jitter, especially if you're on semi-congested wifi), but its not unplayable or even that noticeable in many games. Would I play some casual Dota like that? Sure. But not high ranked games.