I’m almost certain the DX12 has a triple buffering requirement, and despite being DX12, somehow V2 doesn’t use triple buffered V-Sync right? Because it tears with V-Sync off (in-game), and with V-Sync on it drops to refresh rate interval, which triple buffered V-Sync shouldn’t do.
As for Flip Model, this is pretty important. I haven’t really noticed any performance between borderless and fullscreen, but I also have not tested explicitly.
With Flip Discard + Triple Buffering, you should get no screen tearing at almost every FPS, and very little performance difference compared to exclusive fullscreen.