When I set the "Max Framerate in FPS" counter to anything <=58, it is applied correctly. But >= 59 it appears to be using ~120 as the max framerate. I'm not sure if this is intended or not.

set to 60
set to 58
set to 59

I can probably assume the answer to this is 60hz, but what is the refresh rate on your display? If I remember correctly, the compositor on MacOS is very aggressive in enforcing VSync.

It's 59.94Hz, which seems like it's the default since I haven't changed it... turning off the VSync setting in game does in fact fix the issue though!

Are you using Vulkan (Metal)? Or OpenGL?

I’m using OpenGL