Sounds more like a specific technical issue with an specific engine and drivers that lacked optimization rather than an axiom that can generalize games and GPUs for several years. If you have a source for this please share it.
Also, IIRC, back then the game physics were tied to the framerate, so having too high framerate made your gameplay completely wonky as it messed up character jumps and weapon balistics, so I assume that those framerate limits with more powerful GPUs could have been there on purpose to keep the game playable.