This is Sara, host of the Wingdreams server.
I can confirm that the servers only send a list of opponent names, stats, IPs, and ports.
It does not handle the actual match connections in any way.
Once you've connected, it's become more or less full P2P, since even the lobby uses a lot of it.
This way, the lobby didn't need to be updated for later versions, just the client-side, you see.
So they didn't bother to make the lobby support newer features, instead leaving it up to the client.