The speed of light really hurts when your gpu is several milliseconds from your screens and your motion controllers.
Offload to local device with, yes. Offload to server farm elsewhere ... naaah. You have at most a few ms to compress - stream - decompress - refresh. Any latency, jitter, stutter, etc has a very negative impact in vr. Much more so than on a regular monitor.
Compute should be offloadable with "5G E" (low lag, 500Mbps+, already out).