There is a config setting that can change the limit. ChaosEngine.ini , MaxSmoothedFrameRate
Location: C:\Users\WINDOWSUSERNAME\Documents\My Games\Paladins\ChaosGame\Config
Just a note: I once changed it to 120 and a patch changed it back to 175. I ended up capping in Nvidia settings for another game that was crashing at higher frames rates. My monitor can only do 75 anyway so I don't care. As long as it doesn't tear I'm happy.
Your min was 97fps? Did you experience said lag during that run?