To certain extent for online games it can be advantage (atleast it feels like it to me). AFAIK The server updates state between players at some (tick) rate when you have FPS above tick rate then the game interpolates between the states. The issue is that frames and networking might not be constantly synced so you are juggling between fps, screen refresh rate, ping and tick rate. In other words more frames you have higher the chance you will "get lucky" with latency of the game.