Every game logic update, not only physics, should run on a timer that's fully independent from the frame rate.

The only place where that doesn't matter is fixed hardware - i.e. old generation consoles, before they started to make "pro" upgrades.

> i.e. old generation consoles, before they started to make "pro" upgrades.

And before it was realistically possible to port a game to run on multiple consoles without a complete rewrite.