Vulkan API caps FPS and causes frame drops below the monitor refresh rate

When using Vulkan, fps gets capped at 240 even with the max framerate at unlimited and VSync turned Off. It usually wouldn't be a big problem, but now i consistently keep getting 60+ fps drops because of it, when i used to get well above my refresh rate on OpenGL with barely any drops.

Sometimes the Fps will briefly uncap then go back to being limited. The same problem happened to me in two different computers. Both had an Nvidia gpu and i tested it with both Windows and Linux on the same computer, where the problem persisted.