Worth noting that latency is also a problem with full C/S as well as P2P.
Sometimes P2P can be even better than C/S (and sometimes worse). For example, sometimes C/S is like when you live in Scotland and need to go to the local shop for a pack of cigs, but the only road goes via London, but with P2P you can instead unlock a road that takes you a minute to travel.
C/S does tend to work better once you start adding more people, but its highly dependent on ensuring no bottlenecks on the servers and pipes, and that tends to cost if you want to ensure quality.
I'm playing Fortnite at the moment (which is C/S), and sometimes the game just freezes when i get a lag spike, sometimes for up to a minute. I can return to the game to discover i've run over a cliff or been ripped apart by husks. And yes, people complain that Epic should spend more money on the servers to ensure a better experience.
In short, P2P and C/S both have advantages and disadvantages, and neither is perfect.
It was/is possible to play jumpgate from worldwide on 1 server very fine.
There have been 2 servers in the beginning EU and US, only one at the end US and now still one Russia.
And this was with bandwith from 20 years ago. ISDN
I would say we are sending a lot more data these days in games as well. Take a look at the issues Star Citizen is facing with its networking because of the demands for fidelity.