Honestly, that means peer to peer, not centralised
Peer to peer vs a server does not have significant latency difference. There is one, but not one universal enough that’d make latency the reason to choose the former in most cases.
OBS will use large buffers (multiple seconds) that are then sent out to the server.
It doesn’t. Streaming from OBS over WHIP is able to get down to about 300ms of latency, and that’s when watching via a server, rather than peer to peer.
The main source of streaming latency (the buffer you mention) happens when using the older HLS standard.
WHIP or WebRTC HTTP Ingestion Protocol (and the other end for clients, WHEP) allows software like Broadcast-box to be just as fast as conferencing screenshares in peer to peer video calls. Because it is the same tech.
Matrix has MatrixRTC (or whatever they call it) but you will need the Element client and will need to activate RTC in the “labs”. Not sure if it’s in the stable build or the beta.
MatrixRTC voice, video and screenshare is in element, comment and cinny. It does not need to be enabled in labs. Its main problem at the moment is the lack of system audio when sharing the screen.
OBS with Broadcast-box allows you to achieve real-time video sharing with audio, with full control of the video stream audio and quality thorough OBS’s recording and encoder settings. And to watch, your friends need no accounts or anything, they just open the broadcast-box link in a browser.











The qpwgraph workaround works in the matrix clients as well, but passing media audio into a WebRTC stream meant for voice is not ideal. Any decent client is likely to heavily filter out background audio (which with a game would be a lot of the ambient soundscape), and the audio would in some cases end up mono.
Broadcast-box is on the simpler side, if self hosting. If not, there is a public free-to-use instance here: https://b.siobud.com/