How is the 'Smoothed Frame Rate' option related to the rendering thread?

I’ve been doing some performance test on my project and I found out that while my ‘Game’ thread and ‘Rendering’(Draw) thread are usually below 4ms, my ‘GPU’ thread always kept hovering around 16ms. Reducing the resolution/Removing all objects from the level did not make any change to this GPU thread time.

I later noticed that my smoothed frame rate [Can’t seem to actually find what that does though] had a max limit of 62fps, I set it to open to see if perhaps that was keeping the card at a limit. When I tried running the project with open max frame rate, the ‘GPU’ thread came down a bit, while the ‘Rendering’ thread shot up and started hovering around the ‘GPU’ thread time.

Anyone got an idea how this smoothed frame rate is related to the ‘Rendering’ and ‘GPU’ thread performance?