A majority of clientside lag on MP is the scripting used in the mission.
Most missions run scripts in parallel to the client (IE, all run the same scripts, 1x per player) so the comparison between server FPS dragging down client FPS is somewhat wrong.
The server is struggling because it's running all the same things the client is running, but is also running all the other player's scripts in parallel also.
The scripts are poorly written/designed and thus drag your clientFPS through the sand, as well as the server's. BUT the server's FPS does NOT actually affect client FPS, it just seems that way, due to poor scripting on the client-ran scripts.
^ Very unfounded conclusion, but imo, it seems to be the case in the way I've written missions. I've just as much code as most others, yet I execute it in a more structured, CPU time friendly manner.
Just my 2 cents.