Latency plays a big part too, that's true. I mentioned that in another comment.

Though how bad a higher latency feels is also tied to how fast you move your mouse. Slowly panning across the map of your city builder makes latency less of an issue than wanting to hit flickshots in Counterstrike.

Latency and framerate go hand in hand, though depending on the game, one might be more important to you than the other.

Which is where frame interpolation gets funny.