I don't have this performance issue when using Steam IHS: using the same settings to the best of my abilities (the steam app doesn't have FPS settings), the same games and setup will have relatively consistent latency. This pattern does not form when frame rate is locked instead of set to Auto. Someone suggested that the ~16ms delay could indicate a frame buffer issue, but no lost frames or packets are being reported. Everything works great with the Steam Link app, except that the decoder, (hardware and software), struggles to decode efficiently when FPS is set to Auto The performance chart shows that while input, encoding and streaming have consistent latency, the red decoding line forms a zigzag sawtooth pattern of ~16ms spikes. I'm streaming from a PC to a MacBook Pro with an iGPU over a wired connection.
