LEDs of any variety but especially non-organic crystalline LEDs are capable of incredible update rates and response times.
The problem is that each LED needs to be individually placed and a 4k display require between 8.3million or more likely ~25 million LEDs to be placed precisely with a pick-and-place machine which is an expensive process for mass manufacturing.
The other issue is driving those LEDs. Running a single LED at 100 or 1000 kHz is easy, running 25 million of them at more than a couple hundred hertz is a far larger task. Synchronizing all of them at extremely high precision is another massive task.
Then you have to send that amount of information to the display from some sort of GPU or rendering device. If it takes about 40Gbps to send 4k120 at 10bit, for 1 MHz refresh rates you'll be looking at 333 terabits per second of bandwidth under perfect scaling. More realistically it'll be even more to account for additional overhead.
For context, the highest bandwidth fiber optic connection available for backbone internet infrastructure is only about 400Tbps.
https://en.wikipedia.org/wiki/Fiber-opt ... ber_cables
We're a long way off from that kind of performance is consumer hardware unfortunately. All the performance characteristics of microLED or even regular OLED mean right now is that the display panel itself is no longer the bottleneck of temporal performance.
That all is to say nothing of trying to generate 1 million frames per second. Even running pong at that rate would be an incredible undertaking.
That said, we're quickly getting kiloHertz displays and motion performance on modern OLEDs can be exceptionally good compared to anything available before.