Gaming does not require enormous download speed
Most online games exchange relatively small amounts of real-time data once a match is running. The quality of the experience often depends more on latency, jitter, packet loss and consistency than on having hundreds of megabits of download capacity.
Downloads and updates are different
Modern game downloads can be very large, so faster download capacity dramatically reduces installation and update times. This is separate from the bandwidth needed during actual gameplay.
Ping and stability
Competitive games benefit from low, stable latency to the game server. Wi-Fi interference, bufferbloat and upstream saturation can create sudden delay even when the speed test shows high throughput.
Practical setup
Use Ethernet for fixed consoles and PCs where possible. If Wi-Fi is necessary, use a strong 5 GHz or newer connection, avoid unnecessary uploads during play and select game regions close to your location.