No, there are other factors adding latency. If you were lock the framerate at 14fps (without frame-gen) and measure the latency as they do in the tweet, it would be higher than 72ms.
Yeah, this is not 14 FPS.
But at 72ms (maybe a spike), they are definitely running at some very low frame rate, definitely below 60 FPS.
Lets say this was ~50 FPS = 20 ms of frame latency, and say another 10ms from the game engine , so you are at 30ms, then you engage MFG, and that adds another 20 ms (this is the big problem using FG to escape low frame rates), and now you are 50ms, and then you get a slight spike...
When you see reasonable reviewers talk about turning on FG, they suggest you need over 60 FPS real frame rate to consider using it. 80-100 FPS is the suggestion I see most often.
So
FG is essentially useless when you need it most (low frame rates).
FG is mostly
just window dressing on already good frame rates. This makes it all the more misleading for NVidia to be selling it as a real frame rate.