Remember a frame at 144hz is still 7ms - assuming everything else in your pipeline doesn't add up to much, 1-2ms added from the network should be fine for a good VR experience as long as it's 99.99...% stable. If the latency is constantly changing (as it tends to do with wireless networks) it's going to be much more noticeable.

Graphics hardware keeps getting more powerful and cheaper though, I don't think cloud rendering is going to get more useful over time compared to just rendering on the phone and using cloud streaming for big assets.