The lag could be due to the higher ping that you have, are you able to connect to any closer servers to reduce your ping? Steady Ping won't work for every game unfortunately, especially if it's not able to calculate the ping as it won't know how much buffer to add. I don't believe it takes account of tickrate at all, it just calculates what your ping is to the server and then adds a buffer of about 8-10ms on top. As normally jitter doesn't usually go any higher than this by keeping your ping at a set value it absorbs any of the jitter you would get so the result is a smoother feeling in game. If your jitter is higher than this you can use the expert mode.
When you connect to the game server it just tries to do a standard ping to the server IP address, after a few moments where it determines that your ping is roughly this value it then applies the additional ping delay and becomes stabilized. It is very cool! It doesn't work 100% of the time unfortunately as a lot of game servers now reject pings so if we don't know the ping we can't apply a proper delay.
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