Fedora 40/Wayland worked beautifully out-of-the-box with buttery smooth DE animations which unfortunately started flickering after installing NVidia's proprietary drivers which should be fixed with explicit sync [1] in NVidia's latest 560 drivers which is now available in KDE Plasma 6.1 update, hopefully it'll be available for Gnome in a system update soon - looking forward to running Wayland again.
[1] https://zamundaaa.github.io/wayland/2024/04/05/explicit-sync...