Background / Rationale
Many fictional worlds feature sapient herbivores, but rarely spend much time considering how their tools and technology would differ. In the course of writing my story, however, I've come across one point of particular relevance...
Most herbivores (due to predation) have much wider horizontal fields of view than humans. While this may not be an issue for "functional" displays, it seems likely to be relevant when it comes to entertainment. To wit, these sophonts would prefer to not feel as if they're wearing blinkers when they go to watch a movie... or play a video game.
Now, for filmed and projected media, humans already have the technology to address this (and this world assumes a similar technological progression)... and "looking through a window" isn't always an issue. However, having a reduced field of view is already annoying to humans in some cases, especially "first person" games, and I can only imagine how much worse the effect would be for a sophont that's used to 270° or even 360° vision.
Here, however, we have a problem. Modern rasterization is based on projecting a 3D scene onto a flat 2D plane. The math for this is fairly straight forward; yes, it's linear algebra, but at its core, it's all based on addition, multiplication, and a bit of division. Because of this, significant pincushion distortion occurs when trying to render a scene at high FOV (example), and FOV ≥ 180° is mathematically impossible.
In the early days, multi-monitor setups would be quite popular, with multiple independent viewpoints being rendered. Catering for such setups would be the norm, rather than the exception... but the holy grail is combining rounded displays with true cylindrical projection.
The trouble is... cylindrical projection requires (AFAIK) doing trigonometry, which makes rasterization much more complicated.
Question (TL;DR)
Is it plausible for a world which is technologically equivalent to our own (circa 2021) to have 3D video games (and other content) which use cylindrical projection while still being otherwise comparable (i.e. visual quality and frame rate) to what we have in the real world? How far back could this have existed? (IOW, could their early, circa-1995 games predating hardware 3D acceleration, have done it? Would it need to wait for circa-2020 GPUs? Something in between?) Keep in mind that this world is strongly motivated to achieve this (it's not just a curiosity, as it would be for us humans), so solutions requiring explicit hardware support (similar to how hardware ray tracing is starting to be a thing) are acceptable.
For bonus points; would spherical projection be possible? If so, would it be harder, easier, or comparably challenging? (The folks that keep insisting that "VR displays" will be mainstream some day¹ would really like to know...)
(¹ For reasons that aren't relevant, this world is quite far behind the real world in the development of VR headsets.)
Technical Explanation
"Traditional" projection — that is, projection onto a planar "screen" — follows the formulae $p_h = P * p_{world}$ and $p_{screen} = p_h .xyz / p_h .w$, where $P$ is a 4×4 matrix which can be precomputed. Modern GPUs are, of course, highly optimized for performing linear algebra like this.
For cylindrical projection, I believe this continues to work for the $y$ component (at least, a similar calculation should be possible), but $x$ requires an arc[co]sine and some conditional branching, and I'm not entirely sure about $z$. ($z$ is the distance from the "screen" and is important for culling, depth testing, and some effects such as "fog". I don't know the actual formula for $z$ in a cylindrical projection, but I have a sneaking suspicion it requires taking a square root... which can be optimized pretty heavily, but is still another operation compared to planar projection.)
Postscripts
Please note that I'm not looking for hand-waved answers. Essentially, what I want to know is if and when the real world could do this, if we'd started working on it circa 1990 and applied similar resources to the problem as are applied to other aspects of modern GPUs. (Hence the science-based tag.)
Don't worry about display technology. Our real world abilities to display wide-HFOV content are close enough that it's easy to imagine them being up to the task if we'd had the desire to produce such displays. Similarly, producing filmed or pre-rendered HFOV content is easily accomplished in the real world. I'm only concerned with real-time rasterization.
Assume the desired output has uniform radial spacing, i.e. each pixel has the same physical dimensions. Also assume that the quality loss of rendering using "traditional" techniques and distorting is considered unacceptable.