Max Framerate option doesn't allow it to go beyond 60 on PlayStation

The max framerate option in the settings doesnt increase the FPS above 60fps, even when 120hz mode is enabled in the PS5 console settings and a supported monitor is connected. Most likely due to forced VSync

Screenshots below show FPS locked to 60 even when the setting is set to 240fps in the newest preview

Steps to repoduce

1. Open the preview version (To see the fps counter)
2. Set Max Framerate to anything >60
3. Load into a world and look at the FPS counter

Observed results

1. The game is locked to 60fps

Intended Results

1. The game should be locked to the max framerate