I am not disagreeing with the logic behind it, however, look at the following picture.
I am testing the refresh rate by setting a single pixel at a time, filling the display, top left to bottom right, with 4ms delay nested in the loop. This results in 40.005 seconds to draw 8192 frames, giving an average frame rate of 204.77 FPS.
Setting my slow-mo camera to 240 fps. I was able to capture individual pixel changes on most occasions. As you can see from the second and fourth frames. In the third frame 2 pixel were changed which is probably down to slight timings. I cannot set the slow motion frame rate any higher as the resolution drops and I can no longer discern the pixels.
Seeing single pixel changes means that the display is showing 204.77 pixels per second, keeping up with the ESP32's FPS output.
Is there an explanation on this?