This is a great topic. The minimum frame rate that one “must have” is going to depend on the altitude, speed, and bank rate one flies.
If you are low and fast, the ground needs to move fast beneath you… and you are low so you expect high details and for it to have a true 3D look.
At altitude, ground is far away and you expect less detail (the eye can’t even see much at that distance) and the view is more 2D than 3D. And of course, the ground “moves” much slower underneath you.
When you are level, the world is moving in one direction right underneath you. When you bank, now it has to move in a couple directions. In addition, when at steep bank angles, more “new visible objects” move onto the screen per unit of time.
Contrast that with flying level, “newly visible objects” don’t come into the viewport very quickly, and these “new points” are always far off in the distance on the horizon.
For these reasons, I always recommend to set your video settings using the fastest, lowest, insane banking aircraft you plan to fly.
Don’t worry about graphics detail. Simply ignore the quality of the video, and instead focus on the FPS and if you “feel” like you are moving as you would be in that aircraft.
Increase the settings until you just don’t “feel” like you are moving correctly, and now dial back the quality to find the best settings.
For me, and the type of flying I do in the type of aircraft I fly, I really need a frame rate of 50+. Otherwise, it just feels fake.
Other people are going to find their FPS requirement is a bit different.