Three separate latencies sit between a futures platform and a matching engine, and only one of them is a hosting decision. This guide separates them, then gives the figures we measured from our own Chicago facility to the broker gateways a NinjaTrader or Tradovate setup actually connects to: 0.2 ms to Rithmic's market-data gateway, under 1 ms to its order gateway, about 3 ms to CQG's.
The question that follows is not really "VPS or dedicated". Both sit in the same city and cover the same distance, so neither is closer to anything. What changes is who else is scheduling the CPU while your strategy is trying to finish a calculation, which is a question about load, not about milliseconds on a map.