98FE is consistently playable under 300ish ping depending on your input delay setting, and under 150 can feel lagless.
If 02UM has that same setting then there's no reason to believe this netcode will not be as good.
Code Mystics has done quality work with 98FE going as far as adding input display into training mode.
This is how I feel about it as well from my own experience, though 300 is pushing it. Also sometimes ping numbers aren't accurate, I've seen Brazilians display 75ms lag, than spike to 300-400, which is the accurate number, and I had my daughter show 100 when she's same state and is about 30-40 in other games.
02UM's netcode as reported by a couple of friends who did the beta, feels the same.
It feels like Blazblue netcode, the problem is just not enough players. I have a couple I can play (Ghostpilot on Steam is pretty good, uses EX Mary and Big a lot)