You're assuming a consistent connection - if your ping is 2 seconds, it's unlikely you're receiving each packet precisely 1 second late - much more likely the delay will be variable over time, probably not normally as high as +/-15% to cause 300ms gaps, but certainly possible.
But as long as you keep receiving traffic in a 300 ms period, the indicator wouldn't show. I've used radio internet with 1+ second ping, and while laggy, the jitter was surprisingly uniform.
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You're assuming a consistent connection - if your ping is 2 seconds, it's unlikely you're receiving each packet precisely 1 second late - much more likely the delay will be variable over time, probably not normally as high as +/-15% to cause 300ms gaps, but certainly possible.
But as long as you keep receiving traffic in a 300 ms period, the indicator wouldn't show. I've used radio internet with 1+ second ping, and while laggy, the jitter was surprisingly uniform.