For pseudo-live streams such as sports events, that would be totally fine. People can have slightly out of sync streams, delayed by various amounts.
But you can't live stream a conversation with someone if you have a 10s delay.
Latency is actually a pretty big deal for live sports events.
No one wants to hear the cheering start at the neighbor's house ten seconds before you get to see the team score a goal.
And yet, that is exactly what we have!