Due to how most FPS games are implemented you are actually seeing other entities in their past state.

What happens is the game will buffer two "snapshots" which contain a list of entities (players, weapons, throwables, etc.) and it will linear interpolate the entities between the two states for a certain period of time (typically the snapshot frequency).

The server might have a "tick rate" of 20, meaning a snapshot is created for a client every 50ms (1000ms / 20 tick rate).

The client will throw that snapshot onto a buffer and wait for a second one to be received. Once the client is satisfied with the number of snapshots in the buffer, it will render entities and position them between the two snapshots. Clients translate the entities from the position of the first snapshot to the position of the second snapshot.

Therefore even with 5ms ping, you might actually be seeing entities at 55ms in the past.