Input lag is the time between you perform the action and the computer shows that on screen. It depends on your frame rate, refresh rate, and peripheral polling rate, as well as how good the game schedules things (which is what LatencyFleX tries to optimize).
Network ping on the other hand is often hidden away. Whether you are on 2ms ping or 100ms ping, the bullet always goes where you aim at: this is done through rollback netcode [1], which rewinds the server state to the time the action has been performed. I'm not saying that having low ping is pointless, it has an effect on things like peeker's advantage, but the effect of network ping is drastically different from the effect of input lag.