NithinRapolu Same experience here.
Reasons could be-
N uses a cheaper OLED LTPO panel made by Visionox, a lesser reputed Chinese company.
The gold standard for OLED LTPO panels is Samsung & then LG. ( Apple, Samsung, Oneplus etc use them)
-The manufacturer, N in our case, has to use software skills to enable the panel to function optimally such that it results in real battery savings.
In N’s case as you have observed, the refresh rate drops down appreciably only when you jack up the brightness levels to eye hurting impractical levels. At 25-30 % brightness which is comfortable indoors, the refresh rate will be at 120 HZ even on static pages.
While nothing can be done about the quality of the panel, N can at least tune it better.
Lets hope & pray they get around to doing that.