Not OP but got quite a bit of experience with this playing competitive FPS for a decade. You're right that refresh rate sets the physical truth of it, e.g. 180 FPS on a 160 Hz monitor won't give you much advantage over 160 FPS if at all. However reaching full multiples of your refresh rate in FPS – 320 in this instance, 480, and so on – will, and not only in theory but you'll feel it subjectively too. I get ~500-600 FPS in counter-strike and I have my FPS capped to 480 to get the most of my current hardware (160 Hz). Getting a 240 Hz monitor would make it smoother. Upgrading the PC to get more multiples would also.