That's not exactly actually (UE VR dev here). When you render a game at 90hz (or 60 or really anything), that means your total throughput needs to be 90hz, NOT that the frame needs to render in 11ms.

Since you're dealing with multithreaded CPUs + an asynchronous GPU, you can parallelize and sequentialize all this. How UE works in its DX11 and OpenGL renderers, on a 90hz game, is that you're gonna have the Game Thread (Physics/Gameplay) running for frame N, while the Render Thread (GPU commands / math ) runs for frame N-1, while the GPU executes frame N-2. This allows you a complete frame time of 33ms on a throughput of 90hz, at the cost of more latency.