aiaf
The Apple ProMotion mechanism automatically switches between 48/60/120hz according to the content you are running.
Therefore I think the advantage of running something on the screen has to be researched from a different perspective.
If you look at monitor reviews on https://www.rtings.com/ you can see that monitors show different behavior on different refresh rates. For example there are monitors who flicker if you run at a certain refresh rate (60hz), and also at the same time the same monitor doesn't flicker at the maximum refresh rate of the panel (120/144hz).
The ProMotion mechanism drops the refresh rate to 48hz if nothing is moving on the screen, but when you move your mouse it immediately goes up to 120hz. Argument of Apple is battery optimization. There is no setting to force fixed 120hz.
The point is if you have running a video (even invisible) on the screen the ProMotion mechanism changes in a different state. Atleast the author of this program found a notable difference: https://github.com/abinabdc/flickeringMacFix
I cannot test it myself as I have the MBA without ProMotion, but I think its definitely something worth to figure out. For example maybe there can be different PWM rates at different refresh rates.