Does foveated rendering work with the extra latency of a round trip over WiFi? I can certainly see this working fine on a head tracking scale, but I'm less sure

Does foveated rendering work with the extra latency of a round trip over WiFi? I can certainly see this working fine on a head tracking scale, but I'm less sure about eye tracking. I also wonder if existing video compression hardware can actually make use of such outside feedback to adapt bitrate and quality with the necessary flexibility.