Not quite: you can use it for games rendering, but with a Wifi adapter you more importantly want to use it for the video signal, and only transfer highres in the area you're looking at. A 4k game (2048*2048*2 screens) is 25gbit uncompressed at 100fps, which would stress even Wifi-7. With foveated rendering you can probably get that down to 8gbit easy.
Valve is applying it to the streamed view from the computer to reduce the bandwidth requirements it's not actually doing foveated rendering in the game itself because not all games support it.
Foveated streaming is just a bandwidth hack and doesn't reduce the graphic requirements on the host computer the same way foveated rendering does.
