Guys, not seeing tearing does not mean VRR is working. If your tears before were from FPS > Hz, then indeed you would be seeing less tearing now, because you just now enabled the FPS limiter in NVCP. That's one possibility.
Anyone who has done this VRR toggle in Windows, reboot, then go back to the Windows graphics settings where it was enabled. The setting will be gone, because you never really had VRR in the first place, because you disabled it when you unchecked "Enable settings for the selected display model." Except Windows didn't realize you disabled it apparently, so it showed you the VRR option in its own settings. After you reboot, it's gone, and was likely never effective in the first place. I will concede it is possible it is doing something that changes the way full-screen exclusive games interact with Windows, which is indeed having some effect on the way you visually perceive the frames. But in any case, I severely doubt that it's actually giving you VRR.
I'd be curious to know, after a reboot, whether your games still feel the same? I suppose it is possible that Windows is actually doing something when that setting is enabled, even when it technically doesn't intend to be enabled, which it stops doing after a reboot when it realizes GSYNC is effectively disabled. Still, I doubt it.
In Windows 10, at one point they made it so some full-screen exclusive games are captured by the Desktop Windows Manager (DWM), so "full-screen" settings in games was actually a lie, and Windows was instead giving you a full-screen borderless experience. Most people don't notice this because it was effective in not introducing any performance hit. But nevertheless, the impact was that games were essentially vsync-forced at that point (obviously, your usual Windows experience never has any tearing, so any games run in that mode wouldn't have any tearing either, regardless of in-game vsync settings).
From Microsoft
https://devblogs.microsoft.com/directx/os-variable-refresh-rate/
This new OS support is only to augment these experiences and does not replace them. You should continue to use G-SYNC / FreeSync / Adaptive-Sync normally. This toggle doesn’t override any of the settings you’ve already configured in the G-SYNC, FreeSync, or Adaptive-Sync control panels.
This new toggle enables VRR support for DX11 full-screen games that did not support VRR natively, so these games can now benefit from your VRR hardware.
So for those of you experiencing some vague improvement with that setting toggled, my theory is that it's actually mostly the FPS limiter you just configured at the same time as enabling the VRR option in Windows. Or, this toggle does actually change the way Windows behaves in capturing some games under DWM. But I still feel this is unlikely: many of you are saying to disable fullscreen optimizations to get this to work, which should also disable that fake-exclusive-fullscreen behavior. At the same time, my understanding of the Windows VRR feature is that its whole point is to re-enable VRR for DX11 games that are captured by DWM's fake-exclusive-fullscreen, because they probably broke GSYNC by implementing that originally. So if you're following me, it doesn't make any sense that this is actually working--if it is, I'm certain it's just feels different/better, but not because of any actual VRR.
So anyway, keep on keeping on if this helps your gameplay experience, but don't hold out on enabling GSYNC for real when the firmware updates come.