The future of gaming is streaming, and home PC gaming hardware will eventually go the way of DVD players. GeForce Now is succeeding where OnLive and Stadia failed (20+ million users now, apparently). Offloading rendering to the cloud means much improved thermals, graphics, and battery life -- especially for laptop users and Mac owners. Apple Silicon is cool, but it's not going to beat a 4080 for pure graphics perform…
There is no way you’re playing shooters on any sort of competitive level over a streaming service.
Between GeForce Now's 120 Hz support, adaptive v-sync, and Nvidia Reflex, it's very playable IMHO. No, it's not as nice as having a 4080 below your desk, but compared to midrange or lower GPUs, the minor input/network latency is more than worth it in exchange for a smooth high FPS, higher viewing distance, and great DLSS.
I don't play competitively (as in ranked), but I do play a lot of shooters on it. It's so much better than it was on Stadia, for example.