Broker I deal with already has Direct access to CME. And they are located in Chicago.
So how much faster could it possibly be?
Way faster. No 3rd party software is going to reduce slippage in a competitive trade no matter how it’s configured, where it’s located or how much you pay.
If the trade is non-competitive then the only benefit of VPS or collocation is hardware and network stability. Which is not a negligible consideration. Hosted TT or something similar is good, but it’s not going to make trades work that weren’t working before.