Its not p2w and thats rare to see nowdays from f2p games. Everything you can buy for $ you can get ingame by just playing. It uses same f2p model like LoL.
Its not lagy even on US servers (I'm from EU). You still get green ping. But wish we have EU servers too. Bcs of events.
One tip for user that play on samsung note 8 or any similar phone - go to settings ingame and set framerate boost so you can play on fluid 60fps and not on default 30fps. I use everything on max and still no frame drops. Idk why they don't enable 60fps and everything on max by default on s8 and up.