With fiber, you can hit the exchange point in 1-2ms. So I suppose this tool would work well fine over fiber assuming everyone is in the same city. I've even heard of people successfully using protocols like Dante (professional audio over IP intended for LAN) over gig fiber lines as well.
From my experience, a couple milliseconds of latency is fine for keyboard or guitar processing, but anything more than that starts to mess me up. There are artists who insist on using a full analog chain for monitoring for that reason, and refuse to use digital mixers or digital wireless systems that can add several ms of latency.