https://9to5linux.com/gnome-shell-and-mutter-46-beta-released-with-numerous-improvements
GNOME Shell and Mutter 46 beta are now available for public testing as part of the GNOME 46 beta desktop environment release.
VRR development has actually sped up massively with that huge tech fund investment in Gnome a couple months ago, but it just missed the window to be merged in Gnome 46. It will be in 47 instead.
The only reason appears to be that it wasn't completed in time, since:
On the other hand, Mutter 46 beta adds more preparations for upcoming variable refresh rate support
In my experience, gnome-shell already has a highly variable refresh rate. Sometimes it'll go 2-5 frames without refreshing at all.
Gnome is weird. A dusted off a laptop that has Gnome 40, and it felt better. Nautilus didn't have broken folder trees that don't refresh, and workspaces were vertical so that movement travel is shorter (much more so on ultrawide monitors).