A frame cap matters most on a variable refresh rate (VRR) monitor. VRR screens, sold under names like NVIDIA G-Sync and AMD FreeSync, adjust their refresh rate on the fly to match whatever your graphics card is producing. That works inside a set window, which generally begins at 48 fps and ends at your display’s top refresh rate.
The trouble starts when a game shoots past that top limit. A cap keeps the action inside the VRR window, so the frame rate never slams into the ceiling, and that trims latency slightly. Combined with V-Sync, it should mean you don’t see tearing at all.
You also don’t need to worry much about small dips. Because G-Sync and FreeSync keep the screen in step with the GPU, a drop from 120 fps to 110 fps can be close to invisible on a VRR display.
One recent example shows how much these settings depend on drivers. In October, NVIDIA released hotfix driver 617.70 after owners of 360Hz G-Sync Pulsar monitors found their games capping near 320 FPS, short of what the panel can show. NVIDIA said the problem was a timing error in the driver rather than a lack of GPU power, and recommended that people without the bug wait for the next fully certified driver.