Sort of, the viewport can't change more than the displays refresh rate. So the refresh rate is a hard cap on the latency between head movements and the view moving. This is probably why we are begining to hear talks about 120hz smart phone screen, since this would drastically improve them. I believe most high end VR helms have 75hz screens.
For VR, latency is delay between head movement and viewpoint movement, which is more than just display refresh rate.