As someone who is in the rendering space for work. Having a higher framerate does help, but in a weird way. Basically the start of the frame rendering is what mostly dictates where objects are rendered. By getting a higher framerate the position of objects that you see in game are much closer to their "real" position. So it's less about seeing more frames at that point and more about seeing the most up to date information possible. Technically it could be possible to render the frame in sync with the framerate and just offset the rendering so it finishes right before it's pushed to the screen, but if you're slightly wrong you'll get really bad stuttering and the execution time of gpus and the cpu submitting the work isn't really deterministic.

As the frame rate goes up the lag between the game state and display state goes down. It doesn't matter that the "extra" frames aren't displayed, the frame that is being displayed needs to be as up to date as possible.