I do not understand the five-second minimum delay I got..... nginx and obs paired at a 1s key frame interval still gives a five-second delay on football matches, which is very annoying because you heard your neighbors before actually watching the footage, and no, this is not solved by any streaming service.
When I was researching this back then, there was only one protocol in OBS that was fast enough, but it was proprietary. It was called FTL and was what Mixer used (twitch competitor, now dead). Mixer was so fast that I could move my mouse from the stream window, latency was probably very similar to cloud gaming services today.
Not sure what you're trying to attempt, but if you want low latency webrtc will probably be the best performing because it's p2p, however there's no official support for it in OBS and client support is weird, you might have to cook up some webrtc webpage just for it, but if you want sub 100ms latency it's the way to go.
The alternative that OBS supports is SRT, but I have never used it, the arch wiki claims it has ~1s delay. Maybe the 1to1 version lowers it and it seems simple enough if you can use ffplay/vlc where you're watching.
SRT Project Page: https://github.com/Haivision/srt
Live Server Implementation: https://github.com/Edward-Wu/srt-live-server
1to1 Client Implementation: https://github.com/Haivision/srt/blob/master/apps/srt-live-t...