No need for cameras to get a clear indicator of the presentation lag. Simply show the OS mouse cursor with mouse ungrab, enable the lightgun pointer in any core that has one, and keep moving the cursor with different speeds.
Just like here: https://www.vsynctester.com/
Frame stepping has nothing to do with this lag, but only the internal core input reading delay.
Nope. Saturn Out Run menu clearly reacts on the same second frame as Sonic does in Megadrive. Except with Picodrive which has one extra frame compared to GenPlusGX.
And the default Vulkan swapchain setting is 3, which is not as responsive as 2, like other drivers at their minimum respective option.