Sorry, your "protip" is junk, I've unloaded in to people point blank with a scattermax and they've taken zero damage (ie. no red X to indicate you are doing damage), then they lag dance around me until I'm dead.
On other days, I can literally drop people in 3-4 shots in the center of mass (so not headshots).
This is despite running a fairly constant ping of 250 (run on a US server with friends from Aus).
Compare this to PS1 which I used to play on dialup from Aus to the US and use voice comms over, where lag was rarely an issue...
I've also been killed 5 seconds after running behind hard cover or had my heavy shield stop no damage (seems to activate after the shooters client declares me dead but before the server tells my client to lie down and take a dirt nap).
The netcode/client prediction isn't great, certainly not as clean as PS1. You'll notice a lot people jump around like spaz's when you start shooting them. Most of the time you'll barely register a hit before you get dead.