Proton Meet relies entirely on LiveKit Cloud (USA based) to run https://proton.me/meet/privacy-policy

LiveKit Cloud uses virtual compute and networking across multiple (USA based) cloud providers. DigitalOcean, Google and Oracle at minimum. They each have servers all of the world of course, but the controlling entity(s) parent companies are all based in the USA.

Latency shouldn’t be a problem, it's handled by a global CDN.

Proton including that part about geopolitical instability implies that Meet is does not fall under the USA's CLOUD Act - that would be wrong. The metadata of any Meet call could be handed to USA authorities, for example the participants date & time, source IP and useragent of each member. The call itself should be E2E encrypted.