No FPS lock after switching the VSync settings

Issue:

I am unable to lock my maximum framerate to 144 (my monitor's refresh rate) when I switch my VSync settings to "Adaptive". When I switch back to "Off" my framerate is automatically locks on 144 but that way my game starts having rare framedrops below 120 sometimes. On "Adaptive" option, however, my framerate skyrockets to 250+ and doesn't drop below 180, but I want to lock it on 144.

What I've tried:

I tried using Steam command "-fps_max 144" and "+fps_max 144" - no effect
I tried locking the framerate via NVidia Control Panel, but it keeps giving me an error when I try to apply the changes

I hope there is someone who dealt with this issue as it seems to be not a niche issue.