I recently got a rx 480 4 gb with an 8350. I get 60 fps on half of my games and adjusting settings works just fine. Then the other half the fps maxes out at 30 and adjusting setting has no effect on fps. It seems like the fps counter simply does not work in some games. The graphic intensity does not seem to be a factor. Here is a list of games and the fps on them.
GTA 5 60+ fps
ghost recon wildlands 60+
No mans Sky 60+
Skyrim sticks at 30 fps as does
Dark Souls 3
dawn of discovery
Also, I should note that when adjusting graphics does work in all games but half the games it has no effect on fps. I use FRAPS and steam in game counter.