I'm playing the Series X version and I am telling you guys, you can still feel those drops even with VRR. Now, they are not big deals. I'd like to clarify some things though.
Drops do not seem to be related to crowd. It's mostly 60 fps in towns but then in certain sections, with a certain camera angle, you'll get the drops. There won't be a single person on screen yet you'll still get them. Feels like sky's the limit when it comes to what causes them.
Other than that, I won't stress enough how the game is still fantastic to play. You will encounter situations where it drops below 60 fps, even out of town. Combats, sometimes during exploration, sometimes when sailing, but it's so small of a drop in fps that it really isn't a big deal. It's still running at 60 fps for the most part.
Clips like VGtech and DF are fantastic at showing all kind of scenarios in a condensed clip. They then do a FPS average of that clip, providing valuable data. But when you are playing the game, you are not mimicking 1:1 what's happening in this clip. In real gameplay, you'll probably be locked to 60 fps (16.67ms) 99.8% of your time playing the game and not just 89% like the VVtech clip shows.
If I could buy the game again, I would still pick up the Series X version because
1. The drops are there and noticeable but not common enough to impact my gameplay experience
2. I need more Series X games lol I already bought most forthcoming multiplats on PS5