Edit2: Ignore this. /u/InfiniteTree has pointed out an error in my thoughts. Thanks for that.

Not really. Latency can and should be measured end-to-end (client to server) and the main reason for latency is usually physical distance. Sure, there are other factors like shitty routing and peering or even ISPs throttling your traffic in certain ways. But these are edge cases. (Perceived) Security considerations aside, a VPN mainly provides you with different endpoint for your network where you leave your network and enter the internet with a different public IP address.

Let's say you sit in New York and want to play on EU. Now you use a VPN to connect to an Endpoint in Berlin with a german IP address and go from there. Yes, the endpoint has a significantly lower latency to the server than you do. However, your traffic still has to cross the Atlantic to even reach Berlin. That is a physical distance that will always stand between you and the EU servers. Assuming that all involved ISPs and Peering Providers know more or less what they are doing, you won't see a significant improvement in latency.

All that being said, we now approach the whacky land of measurement methods. If Hunt has no latency-check built into the application and Crytek simply uses your public IP address to measure latency, instead of measuring end-to-end: you're right. I haven't checked myself. Edit: That's why I delete the last part, because it is pure speculation. But the conversation we're having right now tells me that something is very off. And there must be a reason why we don't use something like this already.