Either way the icon is going to lag...in readout and in size (in this case)..if the person is playing with a high lag connect.
With guys from all over the world playing, a nice addition to the icon would be to shade the country symbol with colors to indicate connect.
Green <100 ms
Yellow 100-300ms
Red>300ms
Something along those lines...then you can see bad guy, red shaded symbol break/jink earlier than you think you need to!
And colors can be whatever works since most guys keep enemy as red, and friendly as green....just tossing examples out.
With VR becoming a "reality" in the game, I can't see our current icon system going unchanged much longer. The immersion factor would be so much "bigger" without large billboards above the planes.