I am having the same issue but on Windows 10. Tried the latest recommended as well as 21.10.1, which is the latest driver for the card in this system I'm testing on (RX 570).
Both the global FRTC option and the game-specific Chill option fail to limit frames. On menus, screen transitions, and loading screens my FPS in certain games can exceed 2000+ and creates unnecessary heat, power draw, fan spin/noise, and just straight up annoys me.
Have tried removing drivers and reinstalling clean both with AMD's factory reset option and DDU in safe mode. No change.
By comparison, the FPS limiter on Nvidia software works flawlessly. This is the first AMD card I've used in a while. Seems like an AMD software/driver issue preventing this from working. Just for fun I installed a spare Nvidia card in the same system and FPS limiter in Nvidia's software works fine, locks at whatever I set it at 60fps generally). So this seems to be an AMD specific issue, not something else affecting it in this system.
Anyone else having this same issue and come up with a solution?