> Especially in competitive gaming, I often see people targeting frame rates way beyond their display’s refresh rate. I’m not sure whether this actually provides a real benefit or whether they’re chasing a placebo effect.

In video games you essentially have one giant loop that runs every frame (today it's more than that, but at its core it's still that). Producing frames faster than the display’s refresh rate can still reduce input latency because the next display refresh is more likely to use a recently generated frame. It does not necessarily mean the game receives more input events, but it can process and reflect those inputs sooner.

Not placebo, but diminishing returns become significant, and the benefit depends on frame queues, VSync, VRR, whether the game is CPU- or GPU-bound, and how its input and simulation loops are designed.