You can start your own telenetwork with these projects (but of course doing such would be highly illegal without a spectrum license), but first, you need a gNB or eNodeB which is lingo for a base station. It is possible to buy an SDR and use software like https://github.com/srsLTE/srsLTE to make the SDR receive and broadcast LTE/5G connections. After this, you need to have blank SIM cards to code. For example, this post instructs how to do so: https://cyberloginit.com/2018/05/03/build-a-lte-network-with.... You might also consider writing eSIMs https://github.com/bagyenda/njiwa.
After this, you should be able to use a commercial phone to connect to the network.
In general, these networks function quite well even on commodity hardware. Some tests I worked on produced end-to-end latency of around 20ms on LTE, and throughput of around 7MB/s. This was using NextEPC on a 400 euro computer with a 50 euro router and a Nokia base station. Further, it was possible to make the system to work in a Heroku like manner by exposing PaaS endpoints and running Kubernetes in the access network: https://www.semanticscholar.org/paper/Open-source-RANs-in-Pr...
I think it's quite likely that sooner or later we will have 5G networks with intra-services running as edge-services, providing us low-latency. It's worth noting that with the latest LTE versions 5G and LTE access latency is virtually the same. The real latency-optimization would be, at least to my perspective, to allow software to be deployed _into_ these cellular networks to minimize network hops.