That’s why the framerate limiter has a low latency mode and an option to discard late frames.
For low latency, turn on:
- Waitable SwapChain
- Tearing in DWM
(-) Low Latency
(-) Minimum Latency
The two latency modes in the SwapChain settings are optional.
If you do it right, PresentMon’s going to say 100% of frames were dropped because there’s 0 present latency 
I actually have to run the limiter with some of its settings turned off or PresentMon says 0.0 ms.
Which is what prompted me to acquire special test hardware from NVIDIA
