Google may have one advantage over previous discontinued or fringed out solutions. More locations, more $$$ to burn, other use case for that hardware during low load.
Latency is non negotiable, it's gonna be bad, there is no way around it, even being in next room to the server you would notice it and it has been tested before that way.
The latency on modern PCs is already pretty high for motion to photon, there is not much left to be exploited by streaming solutions.
You still have to render and compress it to h264/265/VP9/AV1, doesn't matter where they compress it, as always probably done on the GPU itself in HW, there is no magical way to have the game output compressed video and audio somehow faster.
Seems consoles are already streaming, or can if you want to pay for it. Playstation now, built on OnLive and Gaikai. GF now. And since 2018 the big fish are all trying to run for could gaming, M$ (+Sony), EA, Google. Of course not all streaming is of the live game and some are streaming only the game data to be run locally, aka nothing more than a fancier name for on demand download.