Ugh... this is driving me nuts!
Frame rate is not the same as GPU utilization. Frame rate can be used as a shorthand for GPU utilization, relative to the refresh rate of your monitor or VR headset, but its not the same. Frame rate is how many frames per second your GPU can output to the visual device of your choice. GPU utilization how much of a graphic card's processing power is currently being used.
GPU utilization will affect frame rate, naturally. The more work a GPU has to do, the fewer frames it can churn out in a second. Elite: Dangerous' planet generation algorithm uses the GPU, rather than the CPU, to create a planet's surface. The amount of time it takes to generate the surface depends upon how much "free resources" the GPU has. A GPU that's able to output 300 fps to a monitor that refreshes at 60 hz is basically being used at 20% capacity. So it has a lot of "free cycles" to use for other things... cycles that are basically wasted on unused frames.
So why does a video card that has its frame rate capped at 60 fps take longer to generate a planet surface if that card is being used at 20% capacity? Because the purpose of frame rate capping is to artificially limit GPU utilization in order to reduce energy consumption, reduce heat, and/or reduce fan noise. Some people think it will also reduce screen tearing, but that's what v-sync is for. There are two ways to cap frame rates that don't involve 3rd party software: the video card, and the game itself. In the case of the former, the video card simply discards calls to the GPU if its too early to draw the next frame. If its the game itself, then it won't send calls to the GPU until its time to draw the next frame.
Given that frame rate capping does affect planetary generation speed, I suspect that like most modern games on the market, Frontier is using modern video cards' native frame rate capping ability in its Cobra engine. After all, why reinvent the wheel? But because they also use the GPU for surface generation, rather than the CPU, there's an unexpected side effect.