The latency in WIFI will depend on which type of WIFI you are using. On a 2.4ghz connection, using WIFI 5, under best case scenarios, you're looking at least 50ms. Add in any traffic on the network and that tight could cause you issue. This is why Apple's Airplay has a 2 second buffer. Obviously 2 seconds is unusable for live monitoring.
On a 5ghz WIFI 5 connection, you can get a workable latency under 10ms. 5ghz WIFI has a much lower jitter time than 2.4ghz, meaning the stream is more predictable. This is hugely important for streaming purposes.
WIFI 6 promises even better latency, although it's only available on the newest devices. Within the next year or two, I'm sure we'll start to see solutions over WIFI 6 for this sort of thing.
