I use an OVH server in France. Without the CDN enabled, I usually pull down speeds between 400-1800kb/s from my server. When routed through CloudFlare, Plex rockets to 8MB/s-15MB/s. This translates to insanely faster buffering (most lower bitrate files start within a second) as well as reduced jitter (no random dropouts during streaming).
For me the difference is night and day. Higher bitrate files (eg 20mbps) were not doable (or only under optimal circimstances, but the network would typically change before I was done watching an hour long file). I have no issues now.
Some may see improvements simply with the reverse proxy and not routing their data through CF, though the benefits of CF are very clear in my case - I simply don’t see saturated links at any hour of the day at my location from an OVH France server.
Edit: And you are completely right - it is convoluted. This would be significantly less so if QB ran off nginx (which is a thought kicking around somewhere in the back of my head)