if by "most" you mean "a scant few applications that can't tolerate it" then sure. US to Germany pings are currently ~120ms. Not many things that can't tolerate 500ms outside of gaming.
Rather than number of unique applications, I meant amount of traffic when I said "most."
Stock exchanges, some but not all streaming services, gaming, and any form of direct human communication over internet would be heavily impacted. It could also potentially increase frequency of timeouts during authentication attempts which would make everything else slightly more annoying to use as well.