Hello! I have had my friend encounte this same issue but for more than one game. In my scenario, I've tried Far Cry 4 (DX11 64 bit game) and with Smooth Motion on, the game is locked to 18 FPS (was locked to 35 but then it dipped to 18).. with it off, the game runs perfectly fine.
I've went to Grand Theft Auto V Legacy (DX11 64 bit game) with Smooth Motion on and it worked perfectly fine (64 fps locked loading screens turned 128, etc.)
My friend has an RTX 4070 Super (don't know the rest of his specs unfortunately), both of us are running on driver version 581.08 and the latest NVIDIA App version. The screenshots provided are my settings, I have a Lenovo LOQ 15IRX9 gaming laptop.