When not ‘in game’ (so online/offline choice, character select, etc), the VSync and Frame Rate Limit settings (including “Background” limits) are ignored.
Regardless of settings chosen when not in-game it will apply ‘vsync on, full refresh rate, no frame limit’ instead, and not limit things when in the background.
I tested all combinations I could, here’s a few screenshots to show some of them below, and also show that vsync works properly in-game.
Settings Page at Main Menu - 60FPS Limit Set - 120FPS (refresh rate) gotten instead
Settings Page at Main Menu - Half VSync Set - 120FPS (refresh rate) gotten instead
Settings Page at Character Select - Half VSync Set - 120FPS (refresh rate) gotten instead
Settings Page in-game - Half VSync Set - 60FPS (half refresh rate) gotten as expected
