"google drive for desktop"

My opinion from personal experience:

I use the Google Drive desktop app to edit a series along with my partner; we trade files back and forth and I open them directly from GD while working. There is some lag, especially with loading a project initially; I suspect it takes Premiere a bit longer to scan through the remote folder to make sure all the media is there when the project was last opened on a different computer. Note that we also use Dynamic Link to bring in Scenes from Character Animator which is bit of a beast (normal HD clips load much faster), and the media cache also has to be re-written since that is machine-specific. But once it's loaded the Project cuts pretty well and there isn't tremendous lag while editing. Note also that I have good internet speeds (400 Mbs+) and a good computer (recent i9 with 64GB of Ram and 8GB VRAM) so those could be factors as well (I know that my partner struggles with an older Mac to do the same job). 

The new Google Desktop app is light years better than the original Backup & Sync app, in that it loads the Drive like an attached volume and all files seem to be instantly available once synced. The storage does not count against your computer storage (like Dropbox). LucidLink is another service that works this way but is even more robust, to the point that Adobe has recommended it for remote work with Productions. I don't know the technical term for this type of remote volume but bottom line they can be edited from -- but YMMV depending on the specifics of the project and your setup.

HTH,

JVK

Video editing applications need to access the full files in order to be able to allow the user to create edits, scrub content or alter the image in any other way (effects, color grading). It is therefore imperative that the content is available locally, not from a source in the cloud (which basically is a remote hard drive with a layer of software).