The game does not feature an discrete FPS limiter but simulates one through the use of V-Sync and refreshing on the nth vertical blank of the display... which is bad for a number of reasons. The Max FPS and VSync options you see in the settings of the game are in fact misnomers.

Regardless of in-game settings, V-Sync will always be used. What the "Max FPS" and "VSync" settings control is the sync interval of V-Sync — on which nth refresh that a new frame from the game should be presented.

1. Install Special K.[special-k.info]
   
   
2. Launch the game through the Special K Injection Frontend app.
   
   
3. Open the in-game control panel of Special K by using the Ctrl+⇧ Shift+← Backspace hotkey.
   
   
4. Expand the SwapChain Management section.
   
   
5. Change the Presentation Interval value to either 1 (normal V-Sync enabled) or 0 (V-Sync disabled; unlocked framerate).
   
   
6. Close the control panel using the hotkey again, or by clicking on the X in the upper right corner of its window.
   
   
7. The game will now no longer be able to dynamically engage/disengage vertical sync.

Notes

• Running the game in Fullscreen mode semi-works around the issue by forcing a 60 Hz refresh rate, but that also prevents VRR users from actually benefitting from the lower latency of their display.

This approach of using vertical sync to simulate an FPS limiter can result in multiple different issues depending on the system configuration, such as an extremely fluctuating frame rate, capping to arbitrary framerates, and constantly disengaging/reengaging VRR which itself can cause visual flickers on some displays.

• When the VSync option is enabled, the game will dynamically engage and disengage the appropriate sync interval to keep the game locked to as close to 60 FPS as possible. This is why users can experience seemingly random frame rate caps between systems.
  
  
• When the VSync option is disabled, the Max FPS option will be populated with appropriate sync intervals that has the frame rate land between 30 and 60 FPS.
  
  
  • On a 60 Hz display the Max FPS option will be populated with 60 FPS (Sync Interval: 1) and 30 FPS (Sync Interval: 2)
    
    
  • On a 120 Hz display it will be 60 FPS (Sync Interval: 2) 40 FPS (Sync Interval: 3), and 30 FPS (Sync Interval: 4).
    
    
  • On a 144 Hz display it will be 48 FPS (Sync Interval: 3) and 36 FPS (Sync Interval: 4).
    
    
  • On a 175 Hz display it will be 58 FPS (Sync Interval: 3), 43 FPS (Sync Interval: 4), and 35 FPS (Sync Interval: 5).
    
    
  • On a 240 Hz display it will be 60 FPS (Sync Interval: 4), 48 FPS (Sync Interval: 5), 40 FPS (Sync Interval: 6), and 34 FPS (Sync Interval: 7).
    
    
  • And so on...
  
  
• Any sync interval higher than 1 makes the game illegible for variable refresh rate (VRR).
  
  
• Running the game in Fullscreen mode semi-works around the issue by forcing a 60 Hz refresh rate, but that also prevents VRR users from actually benefitting from the lower latency of their display.

The PCGamingWiki article[www.pcgamingwiki.com] didn't up until now document a proper solution for the root of this issue, but did mention sorta useful workarounds that had their own share of restrictions or issues. I've since updated the article to provide a better solution.

It is not often I come across weird "FPS limiter" implementations like this, but it always creates annoying and unexpected issues for players. Another game that had a similar issue was the release version of NieR: Replicant, which saw users similarly capped at arbitrary frame rates or experience massive stuttering...