You're still limited by the speed of light. That's 300km/ms. Then add overhead of switches and routing between end points, we'll never have 1 ms latency. 10ms, maybe even 5. However, below a certain amount like 30 ms, it's a frame, barely anything. It's more an issue of consistency for those at distance from the datacentres versus those fairly local.My understanding is that 5G is going to be the standard going forward. It has extremely low latency (1ms) allowing for some near reactivity. It should be good for streaming, they just need to be able to move their equipment closer to where 5G does its work.
Given large trunk comms is fibre at the SoL, I don't know how much latency savings there are to gain via 5G. Reducing the number of routing steps is probably the most necessary measure. Processing of packets through the backbone is likely the slowest step as opposed to actual speed of flight of those packets.