I don’t think it works with MAME currently, but it should work mostly okay with FBA.
As for comparing with GroovyMAME, AFAIK their options are all about getting the input polling and the image rendering/display as close as possible (including the new beam-racing/raster-slicing method). Most of our latency options take this same approach. Runahead, though, is completely different and is more akin to how online games try to hide latency.