Sure, but you'd have to take it up with Sony.
TVs have already started implementing QFT to reduce 60 FPS latency at 120Hz (like the C4's boost mode, etc), but consoles are still behind the curve in this respect. I'm not even sure Sony engineers are fully aware of the benefits at a technical-level (this is all still very niche), and even if they were, who knows if they'd care to implement it anyway.
The marketing would be more difficult as well...
Sony: "PS5 now supports up to 240Hz 60-120 FPS VRR output to further decrease scanout latency!"
99% of buyers: "Huh?"
