Recently I noticed that setting my TV display refresh rate to 120Hz helps in reducing the workload when running at 120fps. Obvious I know. But what it means is that SVP only needs to perform a gentle smoothing operation which is well within it's capabilities and nvof is not needed either. For confirmation I tried running without SVP at 120hz and the jerkiness came back. Then I tried mvp interpolation on my PC and same thing happened. So SVP is definitely working and tweaked a little I see all the smoothness of RIFE but none of the obvious artifacts or occlusion errors.
Using the SVP "Automatic" profile and performance slider moved all the way across to "Higher Quality" I got this running at 70% on my integrated GPU. But some of the processing was still leaking into my 50 series so maybe it would be running at around 95% without it. The easiest option would be to set the refresh rate to the highest matching SVP rate, rerun SVP "Assess System Performance". I've tweaked it further to increase smoothness and remove all artifacts (so far). I don't think this is if this is TV model dependent because I'm using VR so any extra TV processing is probably lost.
P.S. On PC, when matching refresh rates, using Vulkan is the smoothest providing RIFE like fluidity with basic SVP settings. But depending on the config, some pixelation may occur when using Nvidia cards.