I get huge lag only sometimes but most of the time, my matches go pretty perfectly. But of course, since it is peer to peer, your mileage may vary since it depends on both ur connection and the connection of the other person as well as the distance! And with fighting games, its hard to adjust for lag vs a game like MK8, its easier cause a fighting game requires soo much more precision compared to a racing game so they have to make everyone slow down to the lowest connection speed in the lobby in order to make sure a player doesn't get an advantage over another
PC Specs: CPU: 7800X3D || GPU: Strix 4090 || RAM: 32GB DDR5 6000 || Main SSD: WD 2TB SN850