The bottom graph shows him hitting a vsynced 120hz to apparently compare latency at a comparable 120fps. If it was working properly with reflex active I would expect the frame gen fps cap to be like 117fps? The top graph is how DF tested latency and lines up, the bottom graph is useless at best and the only way to make that data useful is to tell the audience this is how not to use it.
Considering Tim should have access to higher refresh rate monitors using one of them might have actually represented a better end user case for x3 and x4 modes.