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What's the codec stack for this? x264 --tune zerolatency + opus with opus_delay=20ms?

20ms is wasteful. Use minimum latency where SILK still works, afaik that's 7.5ms.

This assumes that video encoding latency is lower than the audio latency.

Shouldn't be more than a single frame, which is 16 2/3 ms for 60 fps. And for e.g. JPEG it can be even shorter, especially with a rolling shutter.