This strategy is commonly referred to as being in the class of “latency hiding” as it doesn’t actually improve latency, it just allows you to reduce
apparent latency. In practice it’s still useful but I think it’s
mainly useful because it allows for
local input to be buffered significantly less than if you were to compensate for lag by adding buffering only. However,
that is not always useful. It is mainly useful in games where netplay is handled in a lock-step fashion, where each peer needs to keep every action coherent frame-wise. That makes sense for things like fighting games, but it doesn’t make all that much for say, puzzle games, even though those can be quite latency sensitive too.
Either way, there is nothing magic. At the end of the day, the soonest you can see an action is still physically unchanged. Especially since the prediction model that makes the most sense is just assuming no action.
That said, I dunno enough about MOBAs to try and postulate on how much it matters, and I have no idea if LoL is using lockstep or some other approach.