After a certain point, no, not really. 30 FPS is good for basic video. 60 is good for fine motion (sports, fast video games). 120 is good enough for basically every regular viewing use case. Beyond 144, it's really diminishing returns. You know how when something starts spinning really fast, it just turns into a blur? Yeah.

On not so super super technical level, being able to see something updating on your screen before your opponents, can give you an advantage. Provided you can also react fast enough for it to matter.

Physically, the eye tops out at about 100 Hz; cones can't refresh their chemical faster than ~70 Hz but some effects with LCD (vs. CRTs line-by-line) increasing sensitivity.
But apparently, you can train your sensibility with computer work where you have to follow the mouse with your eye (CAD, artists, etc). I guess the neuron layer in the eye for preprocessing get optimized for smaller areas of sensitivity that way. Such trained people notice a stuttering in animations even if the focus is elsewhere, which is annoying.
At least, i'm not affected and can't tell the difference between 60 Hz and 30 Hz.

So in short, it depends. If you aren't bothered, look for other specs.

BlurBusters have nice articles about this.

TL;DR: Less motion blur and less artifacts (like stroboscopic effects, which can also be visible at 480hz).

Up to a certain extent, yeah. The faster an image appears on the screen, the sooner your can perceive it and start to react. But it’s a diminishing return. The difference between 30 FPS and 60 FPS is perceptibly much bigger than the difference between 60 and 90. Beyond about 180-240, it becomes faster than any human alive can perceive. Even 144 is fast enough for nearly everyone to reach their theoretical peak performance.

Higher refresh rate is definitely better yes, but 700 hz is well past the point of diminishing returns lol

But it is better... it does 2048×1536 at 85hz.

I wanted to know how important this really would be. Human reaction times among gamers are on the order of 150-300 ms, and professional gamers mostly manage 150-200 ms. A view refreshing 700 times per second gives a new frame every 1.4 ms, while a view refreshing 60 times per second gives a new frame every 16.6 ms.

In a reaction timing heavy game, this would not be enough to bridge the gap between the fastest in the world and the slowest professionals, but it's on the right order of magnitude to make a difference in professional level play, up against a 60 Hz display. On the other hand, it's only a marginal step up from a 240 Hz display, and the loss in resolution must have an effect at some point.

There's probably games where this is better, but only when the difference is small, or the other display is handicapped.

New Organic LEDs are wild

Doom, obviously.