I'd say it's a bit better. I've been using DroidCam as a third camera in my remote guitar lesson OBS setup, and it's been OK, and I think this would be much the same (using an old phone - MotoG5 - as webcams are like gold dust at the moment).

An upside of this is that it doesn't need another piece of software running on the Windows machine - the driver effectively does it, unlike DroidCam which needs the program running on the PC to work.

Also, you can change the resolution directly in OBS, and I've just set it up at 1920*1080 which seems to work fine, and gives a better quality image.

Lag seems similar on both, but I've not tested it other than visually - no measurement made...

Android users - IP Webcam / DroidCam, over USB with adb port forwarding is a great option.

I used it for a short while and found the free versions framerate was worse than droidcam (paid) and occasionally it would give up the ghost all together and require a restart. droidcam also does this but less frequently. It did handle switching between a device with low res camera and one with high which droidcam cannot do. I wouldnt say either is significantly better than the other but i went back to droidcam edit: droidcam also has a low framerate mode that prevents excessive battery use

I use DroidCam over USB, works great but phone tends to overheat.