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ELI5 the whole Wayland vs X11 going on.
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Half of what you said are either issues with your current compositor's implementation or Nvidia driver related issues, since Wayland on both KWin and Mutter under AMD don't present any of these issues, atleast for me, while I had the latency issue you mention with my older 3080 card.
The protocol is still under development after 25 years yes, but at the end of the day you vote with your wallet, and Nvidia clearly doesn't give a shit about open-source or Linux as a whole since we're a minority.