Are the documents encrypted? Is privacy a focus? One major reason that people want to move away from Google Docs and Notion is because of their very invasive privacy policies.
All that being said, I'd love at some point to manage to get everything end-to-end encrypted, but it'll be a big lift!
It's definitely possible to do all if this in a p2p context, but it's much harder and increases the complexity a ton. It also makes it harder to be fast, you're naturally increasing the amount that needs to be done client side, and server rendering is out the door. There's a bunch of client-side editors that I think are great, and end-to-end encryption is definitely something I want to work towards, but it's out of scope for us right now.