Yes, you will have higher latency using a cell phone network. It is still low enough latency that with a bit of creativity you can work around it.

I just tried pinging and tracerouting a nearby server (connected to the university backbone) from home because I couldn't believe those numbers (as in, way too high) over 4G. Turns out that <100ms for 4G is indeed optimistic.

• Pinging that machine "via cable" (10G ethernet plugged into an ADSL2+ router) gives 22 +/- 1 ms (of which about 20ms is for going through ATM, the 3 hops via DECIX to the target server take an entire 2ms alltogether).
• Doing the same via WiFi (802.11n, provided by the router) gives me ping times of 25 +/- 1 ms.
• Doing it via "personal hotspot" on an iPhone connected via 4G (LTE) -- tried 3 times with 20 probes each -- gives... 130ms best, average around 200ms, and worst 1480ms.

Traceroute doesn't work via 4G at all, apparently Telekom is filtering these out.

Try the "-U" option for traceroute (assuming you're on Linux.) It will do a UDP trace-route on port 53 (DNS) which is unlikely to be filtered by your ISP. Although the return ICMP "port not reachable" advisory packet may still be filtered.