No, peer2peer lockstep is the future. No central server, no speed penalty. No storage penalty.
Has been used in RTS games to synchronize 1000s of units across low-bandwidth connections.
Input may be delayed by latency which can be mitigated with client-side prediction. Cosmic bit-shifts & indeterminism can be a challenge in longer sessions but peers can sync with eachother when there is an OOS.