Nope 240Hz with games capped to 100-120fps, STALKER is at driver locked 120fps for example, this is the mitigation factor, because no VRR is in use and no Vsync, the 240Hz mitigates any visible tearing thanks to the fast refresh rate. It looks super smooth as a result which is one of the plus points of being able to do this without needing VRR and thus eliminating VRR flicker which exists on all VRR displays across the board. Some folks may not notice it in all games though, but it absolutely exists in games like Silent Hill 2, the STALKER 2 main menu and in-game when certain grey shades are present and all games with uneven frame times.
It's so common that RTINGS has started to measure the extent of VRR flicker in all monitor reviews as well.