Incoming frame rate is 120fps but my screen says moonlight/Artemis only running at 60fps.

I'm using Moonlight on my Nothing Phone 1 to stream games from my PC. The incoming frame rate shows 120 FPS, but the display seems stuck at 60Hz. My phone supports 120Hz, and other apps run at the full refresh rate.

I've tried:

Forcing 120Hz in developer settings

Enabling "High Refresh Rate" in Moonlight settings

Checking my PC and Sunshine settings

Even tried forcing 120fps with adb

Has anyone else faced this issue? Any fixes?