Cisco "telepresence" solved this 15 years ago. Standardized rooms on both sides with high quality cameras and low latencies. Polycom had a similar but worse setup at the time. The Cisco experience was very close to being in a shared meeting with the other people. It made meetings across continents work very well and was an actual competitor to flying everywhere. Between the hardware being too expensive and the link requirements being very high I only ever saw it implemented in multinational telecoms for whom it was an actual work tool but also something to impress their clients with.

Either Cisco needed to bring down the cost massively to expand access or someone needed to build it in major cities and bill by the hour to compete against flying. None of those happened so it stayed a niche. Compared to those experiences more than a decade ago the common VC is still very slowly catching up. Part of it is setup, like installing VC rooms with 2 smaller TVs side by side instead of one large one so you can see the document and the other people at decent sizes. But part of it is still the technology. Those "telepresences" were almost surely on a dedicated link running on the telecom core network that guaranteed quality instead of routing through the internet and randomly failing. I suspect getting really low latency will require that kind of telecom level QoS otherwise you'll be increasing buffer sizes to avoid freezes.