It was exciting to see the addition of "Set min/max framerate" action in the latest beta. I thought FPS cap could fix various performance issues, or solve the problem with physics engine producing inconsistent results at different framerates.
Turned out I was wrong and this action has nothing to do with limiting FPS. I studied the Catch-up Time example, and I can see how it can be helpful in that particular scenario. But I can't think of any other usage cases. It can probably be used to increase the time scale of the game more accurately, but only if the device hardware is powerful enough.
I believe the name is confusing. Perhaps it should be called something like "Limit delta-time" or "Lock delta-time".