Using Instruments’s Metal and Display instruments you can see the drawables and the vsync they present on. Bring up the app switcher with cmd-tab to trigger the compositor and you can see the difference in Instruments.
One weird thing is, you can configure a 2 or 3 drawables swapchain on the Metal layer. Using 2 doesn’t work for me when the compositor bypass enables - it always locks to 30Hz, even when doing nothing but drawing a solid color. When the compositor is enabled, the 2 buffer swapchain runs at full speed, presumably because it’s effectively triple buffered. But, in the 3 buffer case, in fullscreen, you can see that you will just use 2 buffers provided you can render fast enough, so it seems like there’s no latency cost to the 3 drawable config in the ideal case.