JPEG-XS is great for low latency, but it uses more bandwidth. We're using it for low-latency image streaming for film/TV post production:

https://www.filmlight.ltd.uk/store/press_releases/filmlight-...

We currently use the IntoPIX CUDA encoder/decoder implementation, and SRT for the low-level transport.

You can definitely achieve end-to-end latencies <16ms over decent networks.

We have customers deploying their machines in data centres and using them in their post-production facilities in the centre of town, usually over a 10GbE link. But I've had others using 1GbE links between countries, running at higher compression ratios.