Bloodborne on PS Now? That sounds like hell. Plenty of later bosses have very narrow dodge windows. I already have a physical PS3 and PS4 so there's no reason for me to get PS Now. A couple co-workers of mine used it and none of them liked it. It works okay for RPGs, especially turn based RPGs where there is zero emphasis on timing or reactions.
If you're close enough to the server it's possible for network latency to not add much compared to the combined latency from the tv + console + wireless controller. (most modern tvs add at least 20ms, even on "game mode", some add more than 100ms).
It's a different story on a pc with a decent gaming monitor though.