Speaking for me, a 200 ms delay would be too much when values are fetched on demand. And I assume it‘s higher outside the US?
Imagining a mobile app, adding a 200ms delay to a screen transition that would otherwise not fetch data would not be ok. If it fetches other data, it may be fine. I would rather have the relevant values fetched in the background before they are read.
Because of the latency sensitivity I would probably try to hack this together on cloudflare workers+KV if I needed it. I would expect <100ms latency in most cases on that.
I think this is a general worthwhile service, especially the focus on CMS/copy over feature flag tools, but low latency would be something I would look for in a feature list.