Modern game engines buffer 3 or 4 frames, sometimes 5. Not unusual to have 140ms latency on 60hz screen between clicking mouse1 and seeing the muzzle flash.
* deferred vs forward rendering (deferred adds latency)
* multithreaded vs singlethreaded
* vsync (double buffering)
It's far cry from simplified pure math people think of when they think of fps in games or refresh rate for office and typing. Software is very very lazy lately, and most of the time these issues are being fixed by throwing more hardware at it, not fixing the code.