However much latency a wifi network has, making the controlled connect to another local box and that box to relay the signal through the same wifi would definitely by the latency of the wifi + T right? They are shaving off T.
But the Chromecast Ultra they're selling with it doesn't support USB or Bluetooth (or Ethernet), which makes it not really an option for that. The controller I believe works through Bluetooth and USB if you're using a device that has those.