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The actual framing is WebSockets over TLS once the session is established and the latency is no worse than SSH over VPN practically speaking.

The protocol also supports session resumption in case your connection to the relays is briefly interrupted, but client support is buggy so it's been disabled for years (with few complaints)

To get good performance, one would need a BeyondCorp enabled mosh proxy.

With plain SSH over HTTP over TLS, performance is satisfactory but not great. 4G is just about usable for vim, but you'd probably be best off using sshfs over http over tls and running vim locally, then compiling and running remotely.

Git/mercurial over ssh and preform actions on push?

Yes, although I tend to use SSHFS and a local editor. Even a cellular quality connection is not required. It works fine from an airplane.