A long time ago in Internet time, Justin Frankel (creator of Winamp) created a tool for live music collaboration that approached this problem in a very different way. Basically what it does is that it _adds_ delay for everyone in a way that synchronizes the musical measures, such that you play a measure while listening to everyone else's previous measure.
I never tried it because I'm not a musician (just a longtime fan of Justin and Winamp), but I always found the concept very interesting. Apparently it is still alive: https://www.cockos.com/ninjam/
I never tried it because I'm not a musician (just a longtime fan of Justin and Winamp), but I always found the concept very interesting. Apparently it is still alive: https://www.cockos.com/ninjam/